After a dip in sale prices in June, the median sale price for a Lake Havasu home rose to its highest point ever yet again. Sales dipped slightly from the previous month and inventory levels rose slightly. What else does the Lake Havasu Market Report show happened in July 2021?
Lake Havasu Market Report for July 2021
July 2021 Home Sales
Flex MLS reported a total of 234 properties were sold in Lake Havasu City in July 2021. That marks an 18.7% drop from the 288 sold in July 2020. But it was only slightly less than the 240 sold in June 2021. It is also the second month in a row of year-over-year declines in sales. Even so, property sales still run 16.2% higher than this same time last year. Pending listings fell by 15.4% (from 266 in July 2020 to 225 in July 2021). Active listings declined by 17.1% during the same time. Could this all indicate the beginning stages of a possible shift in the Lake Havasu market? It is still too soon to tell.
July 2021 Sale Prices
After June’s dip slightly below the $400,000 mark, the July 2021 Lake Havasu Market Report showed the median sale price rise yet again to an all-time high of $437,500. While fewer properties sold in July, inventory remains low. Buyers still want to purchase Havasu homes. Also, building material costs remain high as well as scarce. Right now, a major lumber shortage contributes to the rise in building costs. That tends to drive prices up as well. Even with rising sale prices, sellers continue to receive multiple offers on their listings. Therefore, I highly recommend that buyers make pre-approval their first priority. And by “first priority” I mean, contact your lender today!
July 2021 Inventory
Inventory remains our Achilles heel in the Havasu real estate market. Yes, we saw a slight increase between June’s 1.21 months and July’s 1.49 months of available inventory. But, that number still comes in 35.5% less than the 2.31 months of available inventory reported back in July 2020. Fortunately (if you can call it that), the days a home spent on market remained exactly the same from June to July. However, it dropped 70% from July 2020. This is yet another reason why I encourage my buyers to obtain pre-approval on a home loan before they even start looking at properties. With just six days between listing and going under contract, you need to have your pre-approval letter at-the-ready for when you find the property you want to make an offer on.
What Buyers Need to Know
Traditionally, we start to see sales decline in the transition between late summer and winter here in Lake Havasu City. Last year was unusual in that this did not happen. Declining interest rates help ease the cost of buying a home a bit. (Wells Fargo reports rates at 2.75% for a 30-year fixed-rate loan as of the writing of this post.) But we continue to experience a seller’s market right now. That means that you absolutely must talk to your lender and get the pre-approval process going right away. Then, call me at (928) 208-5154 or send me an email so that I can start looking for the right property to fit all of your needs.
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