Our Lake Havasu real estate market continues to sizzle. Median sale prices rose past $400,000 for the first time ever. And it does not look like they will be coming back down anytime soon. We continue to see several buyers vying for the small number of properties available on the market. So, if you want to snatch up a property before another buyer does, you need to make sure you pre-approved for a mortgage loan right away. And by that, I mean as soon as you finish reading this blog post. What else did the Lake Havasu Market Report for May 2021 have to say? Read on to find out.
Lake Havasu Market Report for May 2021
May 2021 Home Sales
Flex MLS (our local Multiple Listing Service) reported a total of 236 properties were sold in Lake Havasu during May 2021. While slightly less than the 257 sold in April 2021, it marked a 47.5% spike from the 160 sold in May 2020. March continues to boast the highest monthly sales for the year so far at 314. Pending listings fell by 16.5% in the last 12 months (from 328 in May 2020 to 274 in May 2021). Active listings dropped off by half (from 647 in May 2020 to 323 in May 2021). Fewer active listings help push sale prices even higher.
May 2021 Sale Prices
Speaking of sale prices, the median sale price for a Lake Havasu property in May 2021 topped $400,000 for the first time ever, according to the Lake Havasu Market Report for May 2021. Flex MLS reported the median sale price to be $413,500. We have seen steady increases in sale prices since the beginning of the year. In fact, the median sale price has gone up 16.6% since January 2021. Even with prices so high, we still see multiple offers come in on various properties on a daily basis. I cannot stress this enough. If you plan on buying, make sure you talk to your lender ASAP to get your loan pre-approval done. You need to have this ready when you find a Havasu home you want to like. Otherwise, you may very easily miss out on making that home your own.
May 2021 Inventory
Our low inventory levels also help contribute to the hot seller’s market we see in Lake Havasu City right now. While April’s inventory rose slightly from March’s level, it fell back slightly again this month to just 1.3 months available. This is almost 60% lower than the 3.23 months of available properties back in May 2020. This time last year, the median days a property stayed on the market before going into escrow was 28. In May 2021, that fell to just five days. Yes, in less than a week on the market, sellers accept an offer for a sale. Again, get your financials in order before you start looking!
What Buyers Need to Know
Buyer demand remains high for the Lake Havasu real estate market. Our extremely low inventory pushes prices up. But the current high cost of construction materials (lumber, copper wiring, drywall, etc.) also contributes to the increase in home sale prices. And this all looks like something we’ll be seeing for the next several months (at the very least). The good news for buyers is that interest rates remain historically low. Wells Fargo shows them at 3% for a 30-year fixed-rate loan, the exact same rate as this time last month. But with fierce competition for a limited amount of properties, you absolutely must make sure you talk to your lender right away. Secure yourself a mortgage loan before you start looking at Havasu homes for sale. Then, contact me at (928) 208-5154 or via email. After a brief discussion, I promise to put together a list of properties that fit your needs.
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Visit any of my Lake Havasu real estate sites below for more information on the Havasu market:
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