LAKE COUNTY, Calif. – The latest report on local real estate sales shows that Lake County's prices have remained steady into the late spring.
The Lake County Association of Realtors reported that the median sales price for single family residential sales gained a modest 4 percent when comparing May 2016 sales to April 2016.
The median sales price in May was $236,500 and in April it was $227,500, the report said.
The number of sales rose from 63 in April to 66 in May, accounting for a 4.76-percent increase on a month-to-month basis, based on the report.
On a year-to-year comparison, the report said the number of sales dropped 8.3 percent, with the number of sales in May 2015 totaling 72.
Prices, however, increased 14.25 percent. The May median sales price for 2015 was $207,000, compared to the $236,500 median price reported last month.
The median days on market for May sales was 77, which was up from the April median days on market of 60. The association reported that the days on market is measured from the time a listing agreement is signed by all parties until all contingencies are released during the escrow process.
“The area that has seen the most sales year to date is Hidden Valley Lake with 63 sales and a median sales price of $255,000,” said 2016 LCAOR President Erin Woodward. “The Clear Lake Riviera had 41 sales with a median sales price of $235,000. The Lakeport area reported 52 sales with a median price of $264,000 and the Clearlake area had 39 sales with a median price of $110,000.”
Cash financing was used in 26 percent of the sales while conventional and FHA loans accounted for over 54 percent of the transactions, the report said.
On a statewide basis the California Association of Realtors reported that homes sales edged up slightly and that the market was being driven by tight housing inventories and reduced affordability.
May’s median sales price was $518,760, up 1.8 percent from April’s median of $509,590. The year-to-year increase was 6.3 percent when compared to the May 2015 median of $487,960.
LAKE COUNTY NUMBERS AT A GLANCE
May 2016
Median price: $236,500
Median days to sell: 77
Units Sold: 66
April 2016
Median price: $227,500
Median days to sell: 60
Units Sold:63
April 2015
Median price: $207,000
Median days to sell: 67
Units Sold: 72
Report: May real estate sales in Lake County remain steady
- Lake County News reports
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