Home Sale Up 25% for March '09

Staff Report
Courtesy Todays News Herald

Home sale in Lake Havasu City leaped by 25% in March compared to March 2008, but average sale prices tumbled.

In all, 143 homes and condominiums with a total value of $30.4 million sold in March, according to information compiled for the Lake Havasu Association of Realtors. Those figures compare with the 115 sales and total value of $28.3 million during the previous March.

Compartave sale prices dropped from $246,843 in March 2008 to $212,370 in March 2009, the associations multiple listings sercvice figures show.

Home prices continue to be dragged down by home foreclosures, reallty specialist say. But there are indication the foreclosures are washing out of the city's housing inventory.

Don Clark, a former city councilman and Realtor with Brooks-Clark & Associates, noted that multiple offers on foreclosures are a "good indicator of a market turnaround."

The March sale figures reflect a trend through the first quarter of 2009. The multi-list figures show quarterly home sales grew from 284 to 316 and average prices declined to $200,456 from $266,503. Cash transactions exceed the numbr of conventional financings, indicating the uptick in investor interest. Clark says he believes the housing market actuallu hit bottom in December.

"Overall foreclosure numbers are getting smaller even with new ones coming on the market. This is a good sign becuase those homes need to be sold so property value can start to climb," he said.