Market Status

Lake County Market Status for January 2016

February 22, 2016 by Rick White

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

Real Estate Median Sales Price Rises in February 2015

March 17, 2015 by Rick White

For Release: March 16, 2015

Real Estate Median Sales Price Rises in February

LAKEPORT (March 16) – The Lake County Association of Realtors® (LCAOR) reported that the median sales price of single family residences for Lake County rose from $159,000 in January 2015 to $180,000 in February, a 13.2% increase. Like sales in February 2014 had a median sales price of $162,450 indicating that there was a 10.8% increase when comparing year to year sales.

The number of units selling in February 2015 decreased by 20.4% when compared to February 2014 falling from 54 units in 2014 to 43 units in 2015. With fewer units selling the months of inventory increased from 6.5 to 7.4. In January there were 305 single family residences listed for sale and in February there were 318. It is not uncommon to see fewer units available during the winter months. In 2014 the maximum number of units for sale in any one month was 505 in August and the low was 318 in January.

Distressed sales, homes sold after foreclosure or for less than what was owed, declined slightly from the January percentage, 18.6% from 19.2%. However the decline was significant, 18.6% from 42.6%, when compared to February 2014.

Cash only purchases were down to 18.6% of the sales which is the lowest percentage in a few years. Conversely conventional loans rose to 41.9% of the sales, up from 32.7% in January. USDA loans were the next most common type of loan used with those making up 16.3% of the transactions. USDA loans have qualifying factors such as income and the selling price of the home. Potential buyers should contact a qualified lender to determine if they qualify for this type of loan. All loan types have qualifying factors, but they vary from loan type to loan type.

The median time that a property was on the market increased from 81 days in February 2014 to 118 for the same month in 2015. In January 2015 the median days on market was 112. It is not substantiated but one possible reason for the increased days on market could be that fewer transactions are being purchased with cash and more are being purchased via loans which have a processing time not associated with cash transactions.

“Despite the lower number of sales real estate activity has been on the upswing” stated Yvette Sloan 2015 President of LCAOR. “The next few months will be a good indicator of how the rest of the year will go.”

NUMBERS AT A GLANCE

Lake County – February 2015
• Median price: $180,000
• Median days to sell: 118
• Units Sold: 43

Lake County – January 2015
• Median price: $159,000
• Median days to sell: 112
• Units Sold: 45

Lake County – February 2014
• Median price: $162,450
• Median days to sell: 81
• Units Sold: 54

Buyers and sellers wanting to find out about the market value of their property or how the market is doing in their neighborhood should contact a Lake County experienced Realtor®. A member roster is available at: http://www.lcaor.com/members/.

Lake County Association of REALTORS® … Helping REALTORS® to improve the consumer experience. LCAOR offices are located in Lakeport, CA.