My goodness. The first month of 2021 simply flew by. And our local housing market continues to thrive. According to the Lake Havasu Market Report for January 2021, sale prices and total home sales saw a huge increase from the previous January. Unfortunately, inventory levels fell to their lowest point in over a year. That means that competition among buyers for available homes is fierce.
Lake Havasu Market Report for January 2021
January 2021 Home Sales
Flex MLS reported a total of 197 Lake Havasu properties sold in January 2021, a 7.7% increase from the same time last year. Pending listings came in at 280, a 23.9% increase from January 2020. However, active listings dropped off dramatically (from 733 in January 2020 to 386 in January 2021). That definitely affects buyers and their choices in available Havasu homes for sale.
January 2021 Home Prices
The Lake Havasu market report showed that last month’s median sale price of $345,000 was 15% higher than the $300,000 reported in January 2020. Even so, it was slightly lower than the $348,000 shown in December 2020. That makes this the third month in a row that prices decreased. However, that is normal for this time of year. We usually start to see prices go up again in the spring.
January 2021 Inventory
Demand? Check. Inventory? Not so much. Inventory seems to be the biggest hurdle for buyers in the Lake Havasu real estate market. It simply cannot keep up with buyer demand. The 1.68 months available reported in January 2021 was 54.22% lower than the 3.67 months reported 12 months prior. That is also the lowest level it has been in over a year. The median days a Lake Havasu property spent on the market dropped from 31 in January 2020 to just 14 in January 2020. That is exactly the same median shown the previous month. It also means that a home only stays on the market for about two weeks before it goes under contract.
What Buyers Need to Know
With a low inventory to choose from and a small window of opportunity to find a property, Lake Havasu buyers need to make sure their financial affairs are in order before they put in an offer. In fact, contact your lender as soon as you decide that you want to start looking at Havasu homes. That way, your offer appears even stronger. You might find yourself in a multiple buyer situation. So, it is imperative that you place a high priority on pre-approval from your lender in the early stages of your home search. As of the writing of this post, Wells Fargo shows interest rates at 2.75% for a 30-year fixed-rate loan. That may be slightly higher than the 2.65% shown last month. But, it is still a fantastically low rate. Therefore, if you wish to purchase a new home, now is a great time to do it. Contact me at (928) 208-5154 or email me when you are ready to start looking for your next home.
FEATURED LAKE HAVASU PROPERTY FOR SALE
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