Buyers love Havasu real estate. According to the Lake Havasu Market Report for April 2021, year-over-year sales continued to surpass expectations. But high lumber prices, high buyer demand, and low inventory keep driving prices higher and higher. Unfortunately for buyers, this is a trend that is here to stay for the foreseeable future. That is why you absolutely must have your mortgage loan lined up and ready to go when you find a property you want to put an offer in on. In fact, that needs to be one of the very first steps you take when you decide that you want to buy a Havasu home.
Lake Havasu Market Report for April 2021
April 2021 Home Sales
Our local Multiple Listing Service reported a total of 257 properties sold in Lake Havasu City during the month of April this year. That was a 44.4% increase from April 2020’s total home sales. It puts April home sales in the second highest position for the year so far, right below March’s 314 total sales for the month. Pending listings doubled from the same time last year (from 138 in April 2020 to 276 in April 2021). Active listings dropped dramatically (again) from the previous year, with Flex MLS reporting a 54.5% drop to just 321 for April 2021. High demand partnered with low active listings means that prices continue to march upward.
April 2021 Sale Prices
The median sale price reached its highest point of the year so far last month. In April 2020, buyers paid a median sale price of $274,950. Last month, that median price rose by 41.84% to $390,000. The median sale price in December was $348,000. It decreased slightly to $345,000 in January. Ever since then, prices continued to steadily increase each and every month. And it shows no sign of decreasing anytime soon.
April 2021 Inventory
Inventory levels have been on the decline for several months now. Last April, the MLS reported a total of 3.45 months of availability. Last month, that fell off by 61.45% to just 1.33 months available. While this was a slight increase from March’s 1.21 months of availability, it still plants us firmly in a seller’s market here in Lake Havasu City. Back in April 2020, Havasu properties spent just 19 days on the market before going under contract. That was considered a quick timeline then. But, last month’s median days on market blew that out of the water. The median days a property spent on the market in April 2021 dropped down to just four days. That means that some properties were snatched up in even less time than that. This is why I keep telling my buyers that they need to have their pre-approval letter in hand when they put an offer in on a property!
What Buyers Need to Know
I said it before and I’ll say it again. Buyers need to get their financials in order even before they start looking at Lake Havasu properties. You must be ready to pounce on a property you like as soon as you see it. We have been seeing a high number of multiple-offer situations in town. You need to decide if you are willing to go over asking in order to compete with other buyers. This is also where you need to feel confident enough in your REALTOR® to take their advice on how to create a winning offer by sweetening the deal. If you do not get your loan in place before you put in an offer, you could miss out to another qualified buyer. And, if you are not ready to strongly compete against other buyers in the market, now may not be the ideal time for you to buy.
Right now, Wells Fargo shows interest rates at 3% for a 30-year fixed-rate mortgage. That is slightly less than the 3.125% they showed at this time last month. At that rate, it might be even easier to afford the home of your dreams. If you do not have a lender, contact me at (928) 208-5154 or via email. I’d be happy to suggest a wonderful lender or two that will be happy to help you.
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