In late May, Governor Ducey began reopening the state back up. Our June 2020 Lake Havasu Market Report numbers show it, too. After four months of lower year-over-year numbers, last month’s home sales finally showed a marked increase over last year’s. How did the rest of the market perform? Read on to find out.
Lake Havasu Market Report for June 2020
June 2020 Home Sales
According to our local Multiple Listing Service (MLS), 266 properties were sold in Lake Havasu City in June 2020. That’s 32.3% more than the 201 sold during the same time last year. It’s also a 56.8% increase over May 2020’s home sales. Pending listings soared 65.3%, going from 198 in June 2019 to 303 in June 2020 while active listings fell 39.5% (from 795 last June to 481 this June). Even with the huge decrease in sales over the past few months, we still ended the first half of the year just 2.7% less than at the same point in 2019.
June 2020 Sale Prices
With home sales on the rise, it should come as no surprise that sale prices continue to rise. In June 2019, buyers paid a median sale price of $266,500. Just 12 months later, they paid a median sale price of $313,450, a 15% increase. That’s also 2.7% more than they paid in May 2020. It’s also the highest median we’ve seen this year.
June 2020 Inventory
We need to see more active listings come onto the Lake Havasu market. Why? Because our current inventory remains extremely low. At this time last year, we showed 4.11 months of housing inventory available. Last month, that fell by 163% to just 2.52 months. This marks the lowest inventory level of the entire year so far. The median days a property stays on the market before going under contract fell off a bit from 37 in June 2019 to 31 in June 2020.
What Buyers Need to Know
Lake Havasu remains a seller’s market for now. Until a lot more inventory comes on the market, it will continue to favor sellers. Even so, buyers are still on the hunt for a property. Unfortunately, they will also be paying more for their next home, too. Interest rates fluctuate daily. As of the writing of this post, Wells Fargo reports a 3.0% interest for a 30-year, fixed-rate loan for those borrowers with excellent credit. But even if your credit runs in the “not-so-stellar” range, you could still qualify for many different loans. You just might pay a little bit more for your interest rate. If you are interested in purchasing a property in Lake Havasu City anytime soon, please contact me at (928) 208-5184 or send me an email.
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