LAKE COUNTY, Calif. – Lake County’s real estate sales so far this year are indicating reductions in property prices and overall transactions.
The Lake County Association of Realtors, or LCAOR, reported that the 2019 first quarter median sales price and number of sales in Lake County declined when compared to 2018 first quarter results.
The Lake County median sales price for Q1, 2019 was $250,00 down by 3.2 percent from Q1, 2018’s median of $258,250.
The March 2019 median sales price was $249,000 compared to $257,275 in February and $234,500 in January.
On a quarterly basis the number of sales was down 14.3 percent in Q1, 2019 versus Q1, 2018. There were 144 sales in Q1, 2019 and 168 sales in Q1, 2018. The number of sales in March was 51, in February 61 and 32 in January.
“The trends in Lake County are similar to the statewide market,” said Mary Benson, 2019 LCAOR president. “On the up side, interest rates are the lowest they have been in more than a year, which should make homes more affordable to prospective buyers.”
A variety of financing was used in March which included 23.5 percent of the deals being financed with cash, 35.3 percent financed with conventional loans, 21.6 percent through FHA loans, 5.9 percent with USDA loans and 3.9 percent via VA loans.
The California Association of Realtors reported existing, single-family home sales in California totaled 397,210 in March on a seasonally adjusted annualized rate, down 0.2 percent from February and down 6.3 percent from March 2018.
March’s statewide median home price was $565,880, down 5.9 percent from February and up 0.2 percent from March 2018.
The unsold inventory index for the state was 3.6 months in March. Lake County’s unsold inventory index for the same period was 6.6 months.
The 30-year, fixed-mortgage interest rate averaged 4.27 percent in March, down from 4.44 percent in March 2018, according to Freddie Mac.
The five-year, adjustable mortgage interest rate rose in March to an average of 3.83 percent up from 3.65 in March 2018.
LAKE COUNTY NUMBERS AT A GLANCE
March 2019
Median price: $249,000
Units sold: 51
Median days to sell: 69
February 2019
Median price: $257,275
Units sold: 60
Median days to sell: 79
March 2018
Median price: $279,500
Units sold: 66
Median days to sell: 42
Realtors association reports on county’s first quarter sales; local trends mirror state market
- LAKE COUNTY NEWS REPORTS
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