January Median Sales Price Rises as Number of Sales Slows
LAKEPORT (Feb 18) – The Lake County Association of Realtors® (LCAOR) reported that the January median sales price of single family residences in Lake County rose 7.6% over like sales in December 2015. The January median sales price was $232,500 compared to $216,000 in December. The number of sales in January was 50 which was a 46.2% decrease from the 93 sales in December.
“It is not uncommon to see the number of sales dip in January,” commented Erin Woodward, 2016 LCAOR President. “People tend to be preoccupied with other matters in December and that is reflected in the January numbers. The fact that the median price increased over December’s has also been a pattern we have seen over the last few years.”
On a year over year basis, the number of sales increased 11% going from 45 in January 2015 to the 50 sales in January 2016. The January 2016 median price of $232,500 increased 46% over the January 2015 median sales price of $159,000.
Sales financed by cash accounted for 32% of the transactions which was up from 25.58% of the sales in December and virtually the same when compared to January 2015 sales. Conventional loans made up 36% of the sales, down from 53.5% of the sales in December 2015. However, FHA financed sales rose to 18% of the sales after financing 10.5% of the December sales.
On a statewide basis the California Association of Realtors (CAR) reported that existing, single family home sales totaled 383,670 in January, down 5.4% from December 2015 and up 8.8% from January 2015. The median sales price was $468,330 down 4.3% from December 2015 and up 9.2% from January 2015. CAR reported that the highest median price in the state was $1.17M in the City and County of San Francisco.
NUMBERS AT A GLANCE
Lake County – January 2016
* Median price: $232,500
* Median days to sell: 78
* Units Sold: 50
Lake County – December 2015
* Median price: $216,000
* Median days to sell: 92
* Units Sold: 93
Lake County – January 2015
* Median price: $159,000
* Median days to sell: 112
* Units Sold: 45
