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Yr
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Date
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R1s#
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Aver
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Med
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R2s#
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Aver
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Med
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R4s#
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Aver
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Med
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REs#
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Aver
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Med
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2002
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Jan 1
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600
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33,000
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28,000
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Sept 1
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214
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51,000
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40,000
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19
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38,000
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38,000
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35
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13,000
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95,000
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44
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13,000
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129,000
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2003
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Jan 1
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322
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66,000
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47,000
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18
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43,000
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41,000
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32
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144,000
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100,000
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48
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134,000
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125,000
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June 1
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257
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75,000
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57,000
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14
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48,000
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45,000
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26
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188,000
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92,000
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44
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188,000
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145,000
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2004
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Jan 1
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209
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97,000
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82,000
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17
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73,000
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76,000
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16
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121,000
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121,000
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24
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201,000
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June 1
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178
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126,000
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100,000
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9
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108,000
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89,000
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10
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169,000
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20
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218,000
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Sept 15
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195
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147,652
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102,000
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15
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120,000
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105,000
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17
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283,000
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200,000
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24
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254,000
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2005
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Jan 1
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240
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132,354
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12
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125,158
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109250
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12
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184671
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30
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238000
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2005
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May 1
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208
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159,023
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19
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133,737
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119,900
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10
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229,000
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212,250
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27
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285,500
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239,000
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Sept 1
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Dec 1
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The above figures are from the realtors’ multiple listing service. They are adjusted to reflect the true figures for LHC. Refer to the R1s# (residential lots) in the first column. Note that on January 1,2002, 2 years & 8 months ago there were about 600 lots for sale for an average price of $33,000 and median price of $28,000. In June of 2004, there were 178 lots listed for an average price of $126,000 or nearly $100,000 more. Remember, all during this time, 500 plus realtors in Havasu were listing as fast as they could. Therefore, perhaps 3,000 lots or more sold. This hot market is not near the frenzy of 1989 when there were 6,000 lots for sale and six months later there was 0. Lot prices doubled and tripled in price during that six months. The difference between then and now is that then there were over 15,000 vacant lots available in town. Today, as I understand, there are less than 4,000 vacant lots.
As we can see, by January of 2003, realtors had built the inventory up to 322 lots. However, you can also see that the average price doubled. To get that inventory up, the realtors were making suggestions that the value of the lots had risen and this enticed many lot owners to sell. For the next four or five months of 2003, the inventory remained about the same. This means if realtors listed 100 lots per month about 100 were sold. Not that during this time, the average price had risen by $7,000 or $8,000 and the median price by $10,000.
Please note that in June of 2003, the supply (lots on the market) is down from January by almost 70 lots, thus encouraging a new round of listings at a higher price. Of the remaining lots (approximately 4,000) not on the market, I believe a full 50% were purchased by a family about to retire or for other reasons they will never sell. Another 20% of the lots are near unbuildable. This leaves under 1200 decent lots that can be listed. During the first 6 months of this year about 100 lots per month sold. It isn’t hard to figure that in the next 12 months lots will become dear. Anything close to these figures really implies that lot prices may soon double again.
Lake Havasu supply of lots is not endless; in fact, it is at the end. Look at the R-2 duplex lots or the RE (Residential Estates) lots that you can build 2-story homes which includes lots on the golf course. There are only 2 or 3 RE lots on the golf course left, and those prices have almost doubled the last six months. Note that RE lots, on an adjusted basis, are down to 24 for an average of $214,000.
R-1 Forever Lake View Lots are real precious for they are down to next to none. Refer to Lake View Lots.
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