The end-of-year holidays are upon us. I hope everyone enjoyed their Thanksgiving. Just three weeks until Christmas and four weeks until we bid adieu to 2020. Our local real estate market continues to thrive. According to the Lake Havasu Market Report for November 2020, year-over-year sales and prices went up. Buyers want to take advantage of historically low interest rates to purchase properties. Unfortunately, the pickings are slim. Inventory remains incredibly low. Buyers need to be prepared to act fast.
Lake Havasu Market Report – November 2020
November 2020 Home Sales
Flex MLS (our local multiple listing service) reported a total of 212 Lake Havasu properties sold in November 2020. That marks a 16.5% increase from the 182 properties sold in November 2019. However, that is a 21.2% decrease from October’s total sales of 269. But that is to be expected at this time of year. This pushed our total sales for the year so far to 2503, a 14.3% gain over the same time last year. Pending listings showed a 26.8% surge from last November (from 184 to 233). Active listings again took a nosedive with 451 reported (a 39.4% drop from November 2019).
November 2020 Sale Prices
Sale prices continue to go up. The median sale price for a Lake Havasu property in November 2020 was $350,000, a 22.81% increase from the $285,000 median back in November 2019. It also marks a 4.3% downturn from October’s median sale price of $365,000 (the highest median sale price of the year so far). We usually see prices begin to go down at this time of year. So, this is normal.
November 2020 Inventory
Our inventory cannot keep up with buyer demand. The MLS reported inventory levels at just above two months (2.02 months). That’s almost half of the amount we saw last November (3.79 months). These homes do not stay on the market for long either. It takes just five days for a property to go under contract after hitting the market. That marks a 76.19% decrease from the median 21 days listings spent on the market in November 2019. It also represents the lowest median amount of days a property stayed on the market for 2020, just beating out the six reported in September 2020.
What Buyers Need to Know
Talk to your lender before you even start looking at Lake Havasu homes for sale. You need to make sure you include an approval letter from your lender when you submit your offer. With the median days on market at less than a week, that means you need to be prepared to act on a property as soon as you see it. Otherwise, it could slip through your fingers. Rates remain at historical lows. As of the writing of this post, Wells Fargo shows 30-year fixed-rate loans at 2.65% for borrowers with great credit. Even if your credit score falls under the “less than stellar” category, there are plenty of programs available to help you fund the purchase of your home. When you are ready to start looking for a Lake Havasu home, call me at (928) 208-5154 or send me an email. I work with some great lenders that I would happily recommend to you if you need one, too.
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