LAKE COUNTY, Calif. – The latest report on home sales in Lake County shows increasing prices and reduced inventory.
The Lake County Association of Realtors, or LCAOR, reported that the March median sales price of single family residences in Lake County rose 26 percent when compared to the February 2016 median sales price.
The number of sales increased more than 55 percent, rising from 54 sales in February to 84 sales in March, LCAOR said.
LCAOR said the uptick in the number of sales reduced the current “for sale” inventory from six months to four months. Six months of inventory is considered “normal” and implies that if no other listings came on the market it would take six months to sell the existing inventory.
“Inventory levels in the first three months of 2015 averaged eight months and the days on market for the same period averaged 114 days,” said 2016 LCAOR President Erin Woodward. “For the first three months of 2016 inventory levels averaged a bit over five months and the days on market averaged 78 days.”
The median sales price for March 2016 was $239,450, compared to $190,000 in February 2016 and $224,000 in March of 2015, the report showed.
In a year-over-year comparison – March 2016 versus March 2015 – the median price increased by 6.9 percent and the number of sales increased 61.5, according to LCAOR's report.
Types of financing for March showed 28.5 percent were cash, 34.5 percent by conventional loans and 10.7 percent by FHA loans, based on the report. In February 2016, 44.4 percent of the sales were financed by cash, 27.8 percent by conventional loans and 11.1 percent by FHA loans.
The market continues to have some distressed properties, the association reported.
Real estate owned, or foreclosed, properties accounted for 8.3 percent of the sales, and short sales – properties sold for less than what was owed – made up 4.8 percent of the sales, LCAOR said.
On a statewide basis, the California Association of Realtors, or CAR, reported that existing, single family home sales totaled 415,220 in March, up 5.5 percent from February 2016 and 5.7 percent above March 2015.
The median statewide sales price was $483,280, up 8.9 percent from February 2016 and up 4 percent from March 2015, the association said.
The median number of days it took to sell a single-family home in California declined in March to 30 days, compared with 41 days in February and 34 days in March 2015, according to CAR. The months of available inventory was 3.6 months.
CAR also reported that 3.69 percent was the going rate for a 30 year fixed rate loan.
LAKE COUNTY NUMBERS AT A GLANCE
March 2016
Median price: $239,450
Median days to sell: 76
Units sold: 84
February 2016
Median price: $190,000
Median days to sell: 81
Units sold: 54
March 2015
Median price: $224,000
Median days to sell: 116
Units sold: 52
Report: March median home sale prices rise as inventory levels fall
- Lake County News reports
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