LAKE COUNTY, Calif. — The Lake County Association of Realtors’s report on July home sales showed prices were up slightly over the previous month.
Over the month of July, a total of 89 single family homes were sold through the multiple listing service, compared to 94 in June and 97 sold during the month of July last year. These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were five sales of mobile homes in parks, compared to seven in June and seven sold during the same time period last year; and 29 sales of bare land (lots and acreage) sales, compared to 19 sold in June and 24 during July last year.
There are 410 “stick built” and manufactured homes on the market right now. If the rate of sales stays the same at 89 homes sold per month, there are currently 4.6 months of inventory on the market at the moment. That means that if no new homes are brought to the market for sale, in 4.6 months, all of these homes would be sold and there would be none available.
Less than 6 months of inventory is generally considered to be a “sellers’ market” while more than 6 months of inventory is often called a “buyers’ market.”
Total percentage of homes bought for all cash in July was 38% (compared to 33% for June) and 40% for July last year.
In July 2023, 34% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 29% for June and 32% for the same time last year and; 18% were financed by FHA (compared to 23% for June and 11% for this time last year); and 1% were financed by the VA or CalVet (compared to 4% for June and 4% for this time last year); 9% had other financing such as private loans, USDA, or seller financed notes (compared to 3% for June and 12% last year at this time).
The homes in July were selling at an average of 97% of the asking price at the time the property went under contract, but an average of 94% when compared to the original asking price when the property first came on the market.
In June it was the same at 97% of the asking price at the time the property went under contract, but 94% of the original asking price.
A year ago at this time, homes were selling at 98% of the asking price at the time the property went under contract and 97% when compared to the original asking price.
The median time on the market last month was 28 days, compared to 37 days for the previous month and 19 days for this time last year.
The median sale price of a single family home in Lake County in July was $320,000, which is slightly higher than the $318,750 for the previous month and well over the median sale price of $300,000 during this time period last year.
This would indicate that in June the higher priced homes were selling in greater numbers to bring the median sale price up compared to the previous year.
In July, 36% of homes sold had seller concessions for an average concession of $9,914; a month ago 35% of homes had seller concessions for an average concession of $9,051 and a year ago during July 27% of homes sold had an average seller concession of $9,711.
July home sales bring higher prices
- Lake County Association of Realtors
- Posted On