The Real Estate Market in Lake Havasu City November 2008

We are still seeing a great deal of activity in the REO and Foreclosure segment of our market. Sales in this segment amount to 50% or more of the sales each month. This trend is moving the average selling price of homes down at a consistent pace.

During the past four months, we were seeing a drop in the number of homes listed in the market. We were down to only about 1300 over the previous months. However this month the listing count is back up to over 1500. I am guessing that a lot of people who took their homes off the market for a period of time are now bringing them back on trying to take advantage of our “Snowbird” shoppers.

These are interesting times and something many of us have not experienced before. We must understand that this is a time of adjustment and we will all survive, emerging much smarter and stronger from our experience.

Monthly Statistics Report - Oct 2008
Lake Havasu Association of REALTORS - Compiled on November 11, 2008
For areas: 4018
Oct 2008 Change from
Sep 2008 Oct 2007 Change from
10/07 - 10/08
Residential
New Listings 260 -0.76% 283 -8.13%
Sold Listings 89 1.14% 69 28.99%
Volume - Sold Listings $18,749,525 -10.23% $17,153,008 9.31%
Average Sale Price $210,669 -11.24% $248,594 -15.26%
High Sale Price $825,000 -17.50% $1,100,000 -25.00%
Low Sale Price $4,500 -92.50% $75,000 -94.00%
Average Days on Market 146 -0.68% 197 -25.89%

Vacant Land
New Listings 72 -6.49% 62 16.13%
Sold Listings 7 75.00% 8 -12.50%
Volume - Sold Listings $987,500 -50.03% $919,000 7.45%
Average Sale Price $141,071 -71.44% $114,875 22.80%
High Sale Price $475,000 -59.61% $165,000 187.88%
Low Sale Price $60,000 -60.00% $65,000 -7.69%
Average Days on Market 76 -69.84% 249 -69.48%

Commercial
New Listings 30 0.00% 33 -9.09%
Sold Listings 8 -11.11% 7 14.29%
Volume - Sold Listings $870,167 -32.58% $1,294,399 -32.77%
Average Sale Price $108,771 -24.15% $184,914 -41.18%
High Sale Price $360,000 -56.63% $600,000 -40.00%
Low Sale Price $14,860 725.56% $25,000 -40.56%
Average Days on Market 365 176.52% 220 65.91%

Multi-Family
New Listings 11 0.00% 12 -8.33%
Sold Listings 2 -33.33% 1 100.00%
Volume - Sold Listings $327,350 -65.54% $325,000 0.72%
Average Sale Price $163,675 -48.31% $325,000 -49.64%
High Sale Price $164,600 -63.42% $325,000 -49.35%
Low Sale Price $162,750 35.63% $325,000 -49.92%
Average Days on Market 99 -51.94% 46 115.22%

Total
New Listings 373 -1.84% 390 -4.36%
Sold Listings 106 1.92% 85 24.71%
Volume - Sold Listings $20,934,542 -16.61% $19,691,407 6.31%
Average Sale Price $197,496 -18.18% $231,664 -14.75%
High Sale Price $825,000 -29.85% $1,100,000 -25.00%
Low Sale Price $4,500 150.00% $25,000 -82.00%
Average Days on Market 157 3.29% 202 -22.28%
ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED