Whew! The Lake Havasu Market Report for June 2021 shows some possible relief for home buyers. For the first time since December 2020, the median sale price actually decreased from the previous month. Could that indicate the beginning of a leveling-off in the market? It is too soon to tell. Inventory fell off slightly from May’s stats and active listings followed suit. What else happened in the Havasu real estate market last month that buyers need to know about?
Lake Havasu Market Report for June 2021
June 2021 Home Sales
According to our local MLS, a total of 240 properties sold in Lake Havasu City in June 2021. That included single-family homes, vacant properties, townhomes, condos, etc. While slightly higher than the total properties sold in May 2021, it marked an 11.4% decrease from the 271 sold in June 2020. Even so, total sales for the year so far outpace the same time last year by 23.8%. Pending listings fell off by 17.1% from last June’s figures and active listings dropped by 37.7% in the same time frame.
June 2021 Sale Prices
After May’s median sale price leaped over the $400,000 mark, June’s median dipped just below it again at $394,950. That is still 25.42% higher than the same time last year. But that does not necessarily mean that prices will continue to fall. Buyer demand remains strong. We still see several buyers bidding against each other for properties. That is why I strongly urge my buyers to talk to their lenders ASAP about loan approval. Plus, you need to put your best foot forward when submitting an offer on a property. Finally, if you want to build a Havasu home on a vacant lot from the ground up, increased costs for building supplies raise your bottom line.
June 2021 Inventory
When it comes to our local Havasu inventory, I sound like a broken record. It is low. And it looks like it will stay low for quite a while. At this time last year, records showed 2.59 months of available inventory in the Lake Havasu real estate market. Last month, that fell to just 1.21 months, a 53.8% drop. Not only are there fewer homes available, but the ones that are available get snatched up very quickly…like in less than a week on the market. Again, I strongly urge anyone interested in buying a Havasu property right now to get approved by your lender as soon as possible. You need to be ready to pounce on a property once you find it. Competition is fierce! The saying “if you snooze, you lose” has never been as appropriate as it is in today’s local real estate market.
What Buyers Need to Know
Good news first. Prices fell off a bit last month. Interest rates even dropped a little. Wells Fargo reports 2.875% for a 30-year fixed-rate loan (0.125% less than last month). But with inventory low and buyer demand high, multi-buyer situations have become the norm. Be prepared. Before you even start looking at Havasu homes, contact your lender. Start the mortgage loan process so that you are ready to submit a winning bid when you find the home of your dreams. Then, make sure you contact me at (928) 208-5154 or via email so that I can find that dream home for you.
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