February Property sales were 138, up 34.0% from 103 in February of 2014 and 36.6% higher than the 101 sales last month. February 2015 sales were at a mid level compared to February of 2014 and 2013. February YTD sales of 239 are running 10.6% ahead of last year’s year-to-date sales of 216.
The Median Sales Price in February was $190,000, up 0.1% from $189,900 in February of 2014 and down 2.6% from $195,000 last month. The Average Sales Price in February was $218,375, up 3.1% from $211,864 in February of 2014 and down 3.2% from $225,705 last month. February 2015 ASP was at the highest level compared to February of 2014 and 2013.
Inventory and MSI
The Total Inventory of Properties available for sale as of February was 1,571, down 1.3% from 1,591 last month and up 18.7% from 1,323 in February of last year. February 2015 Inventory was at its highest level compared with February of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2015 MSI of 11.4 months was at a mid level compared with February of 2014 and 2013.
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for February was 89, down 1.1% from 90 days last month and down 2.2% from 91 days in February of last year. The February 2015 DOM was at its lowest level compared with February of 2014 and 2013.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The February 2015 Selling Price per Square Foot of $131 was down 1.0% from $133 last month and up 3.1% from 127 in February of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The February 2015 Selling Price vs Original List Price of 96.9% was up from 96.4% last month and up from 96.5% in February of last year.
Click here to access the full report – Market Action Report Lake Havasu City
To search for real estate in Lake Havasu City, go to www.AZmoves.com – Lake Havasu City
To search for real estate throughout Arizona, go to www.AZmoves.com
Copyright © Coldwell Banker Residential Brokerage – Data is provided courtesy of Arizona Regional Multiple Listing Service, Inc.; Tucson Association of Realtors and Prescott Area Association of Realtors and may not reflect all relevant real estate activity. Coldwell Banker Residential Brokerage does not guarantee the accuracy of this information. It is the responsibility of any buyer or seller to verify any and all information relevant to such consumer’s real estate transaction.