While housing numbers remained stable in January, the expected rise of foreclosures never came, which was extremely good and hopeful news for Lake Havasu City officials. It's looking like the worst may be over.
The median residential home price seems to be holding steady for now. The real estate market in Lake Havasu City doesn't seem to be going up or crashing down like it did just one year ago, making this an overall good sign.
The median home price in Lake Havasu City is currently $145,000, with the majority of listings between the price range of $100,000 and $200,000. And while the real estate market has been a buyer's market for several months now and is finally leveling out, there isn't much hope for a seller's market in the immediate future.
For sellers, it may still be another year or so before the market starts going back up for them. As long as there are still markets trickling with foreclosures, you won't begin to see substantial home value increases.
Professionals of the National Association of Realtors® still claim that there will be a sharp rise in foreclosures. However, local professionals of Lake Havasu City are skeptical that it will actually hit Lake Havasu City.
Lake Havasu is definitely a unique town; therefore, its uniqueness may keep the city out of the foreclosure trend.
Lake Havasu City real estate statistics:
Houses sold in January 2010 - 121
Houses sold in January 2009 - 85
Median home price for January 2010 - $145,000
Median home price for January 2009 - $154,000
January 2010 was a good month considering it's usually the worst month for closing on real estate property. And February is already looking even better.
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Liz, Your presentation will make snowbirds come running, great presentation. I do have a former client of mine who lives in Lake Havasu and they tell me they absolutely love it.
yes they look so nice but Foreclosures are such tough on to stomach.