Home Sale Prices Increase by Twenty Five Percent

LAKEPORT (April 17) – The Lake County Association of Realtors® (LCAOR) reported that the median sales price of single family residences for Lake County rose from $180,000 in February 2015 to $224,000 in March, a 24.44% increase. Like sales in March 2014 had a median sales price of $155,000 showing a 44.5% increase when comparing year to year sales. Fluctuations in median pricing on a month to month basis can vary widely because of the limited number of sales however the trend has been on the upswing since December of 2014. The median sales price for all of 2014 was $169,000 compared to $175,000 for the first three months of 2015.

Fifty two (52) units sold in March compared to 43 in February for a 20.9% increase.

In March 2014 the number of units selling was 51. Inventory levels remained relatively the same at 7.1 months of inventory in March and 7.4 months of inventory in February. The months of inventory in March 2014 was 5.6 indicating that there are more homes available this year than last year.

“Realtors are reporting that the activity and interest in buying a home has picked up,” stated LCAOR President Yvette Sloan. “Interest rates are still attractive and the ability to get a loan has improved.”

Mortgage rates moved upward in March, with the 30-year, fixed mortgage interest rate averaging 3.77 percent, up from 3.71 percent in February but down from 4.34 percent in March 2014, according to Freddie Mac. Adjustable-mortgage interest rates also rose in March, averaging 2.46 percent, up from 2.43 percent in February but down from 2.48 percent in March 2014.

Distressed sales, homes sold after foreclosure or for less than what was owed, continued to decline falling from 18.6% of the sales in February to 11.5% in March. The decline was more significant, 11.5% from 27.5%, when compared to March 2014.

Cash only purchases accounted for 25% of the sales with 42.3% of the sales being financed through conventional loans. These percentages are similar to both February 2015 and March 2014. The median days to sell a home was 116. For all of 2014 the median days to sell was 76. The median days to sell is the number of days from the time the property was listed until it went into escrow.

NUMBERS AT A GLANCE

Lake County – March 2015

• Median price: $224,000
• Median days to sell: 116
• Units Sold: 52

Lake County – February 2015

• Median price: $180,000
• Median days to sell: 118
• Units Sold: 43

Lake County – March 2014

• Median price: $155,000
• Median days to sell: 98
• Units Sold: 51