New year, new market? The Lake Havasu Market Report for January 2020 showed that sales definitely saw a huge uptick from the previous January. Sale prices hit their highest point ever. And inventory remains low but stayed pretty even from the close of last year. Read on to see how the market performed last month.
January 2020 Lake Havasu Market Report
January 2020 Home Sales
Havasu’s Multiple Listing Service (Flex MLS) reported a total of 178 single-family homes sold in Lake Havasu in January 2020. That’s a whopping 33.8% more than the 133 sold in January 2019. Not a bad way to start off the new year! Pending sales also experienced a significant year-over-year increase. While Flex MLS reported 197 pending sales in January 2019, they showed 247 last month. That shows a 25.4% rise from last year.
January 2020 Sale Prices
After tip-toeing up to the line at the end of 2019, sale prices finally hit the $300,000 mark in January 2020. That’s a 21.71% upturn from the $230,000 reported the previous January. This marks the highest median sale price ever reported in Lake Havasu City. Even though prices continue to rise, the increases appear to be minimal. December 2019’s median sale price came in at $299,900. Prior to that, August 2019 showed the highest median sale price of $299,394. So, while we expected to hit $300,000 eventually, prices look as if they might be leveling off a little.
January 2020 Inventory
Even though prices continue to escalate, inventory levels remain low. In January 2019, we showed 4.33 months of inventory available. That dropped off 17.32% last month to a reported 3.58 months available. However, it remained relatively unchanged from the 3.56 months shown in December 2019. Median days on market fell from 42 in January 2019 to 31 in January 2020. That means homes spent 11 days less on the market before going under contract. Great news for sellers!
What Buyers Need to Know
Sellers still hold the upper hand in the Lake Havasu real estate market. Nonetheless, buyers will be happy to know that prices stayed relatively the same for the last two months. Is this a foreshadowing of what to expect for this year? It’s still too early to tell. Wells Fargo currently reports 30-year fixed-rate loans at 3.5%. That’s fantastic news for anyone with good credit looking to purchase a new Havasu home soon. Just last week, the Federal Reserve decided to keep its benchmark interest rate at 1.5% to 1.75% for the time being. Do you want to buy a new Havasu home this year? Give me a call at (928) 208-5184 or shoot me off an email. I’d love to meet up with you to discuss your options in the Havasu marketplace.
FEATURED LAKE HAVASU PROPERTY FOR SALE
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