As we enter the last quarter of the year, the local real estate market remains hot. According to the Lake Havasu Market Report for October 2020, the median sales price hit its highest mark ever. Total monthly sales hit their second-highest point for the year. And low inventory continues to create more competition among home buyers.
Lake Havasu Market Report – October 2020
October 2020 Home Sales
The local Multiple Listing Services (Flex MLS) reported a total of 269 properties sold in October 2020. That marks a whopping 43.9% higher than the total sales in October 2019. And it’s the second-highest monthly sales total this year (behind 284 in July) and slightly above the total sales for September 2020 (262). With less than two months left in the year, our total sales for 2020 already surpassed last year’s sales figures so far by 13.4%. Pending listings reported a 28.6% increase from last year. Buyer demand remains high. Just like the previous month, active listings took a sharp dive. From the 732 reported back in October 2019, they decreased by an astounding 41.7% last month to 427.
October 2020 Home Prices
Just when you thought sale prices couldn’t get much higher, they did. The median sale price for a Lake Havasu home rose from $280,000 in October 2019 to $365,000 in October 2020. That marks a 30.36% increase over the last 12 months! That also makes it the highest median sale price for the year.
October 2020 Inventory
I feel like a broken record when I say that inventory levels remain historically low. If all things remained at the same rate as they were at the end of last month, every single home currently on the market would be sold in just under two months. The MLS shows just 1.98 months of inventory available. Compare that to the 3.75 months available in October 2019. Even then, that indicated a seller’s market. Tight inventory partnered with a high buyer demand help push sale prices even higher. The median days a property stayed on the market before going to contract fell to just eight last month. That’s 71.4% fewer days than the 28 reported in October 2020. Like I keep telling buyers, you need to be ready to submit your best offer when you find a Lake Havasu home you like or you might miss out.
What Buyers Need to Know
Partner a global pandemic with an election year and you would think the Lake Havasu real estate market would be hurting right now. But it’s not. Historically low interest rates (2.5% as of the writing of this post according to Wells Fargo) inspire buyers to seek out homes. Until new construction increases and/or more homeowners put their properties on the market, the pickings remain slim for buyers. You need to be ready to view a property almost as soon as it hits the market. That means no waiting until the weekend. If you plan on seeking out a Lake Havasu home anytime soon, contact your lender right away. You need an approval letter to hand in with your offer or a seller may skip your offer for another one. Call me at (928) 208-5154 or send me an email. I’d be more than happy to show you what’s available and get you started on the journey to owning your next Havasu home.
Visit any of my Lake Havasu real estate sites below for more information on the Havasu market:
Liz Sells Lake Havasu
Homes for Sale in Havasu
Havasu Area Homes
Just Call Liz