LAKE COUNTY, Calif. – Home sale prices continue to look strong in Lake County, according to the latest report from the Lake County Association of Realtors.
LCAOR reported that year-over-year median sales prices for single family residences continued to increase when comparing 2016 monthly sales to 2015 monthly sales. This is a trend that has been virtually ongoing since 2012.
The median sales price in September 2016 was $235,000, which LCAOR said was up more than 11 percent from the September 2015 median sales price of $211,500.
On a month-to-month basis the median sales price in September increased by 2.3 percent over the August 2016 median sales price of $229,750, LCAOR said. The number of sales for the same time period dipped from 100 sales in August to 61 sales in September.
“It is common to see the number of sales dip in September,” said 2016 LCAOR President Erin Woodward. “The year-over-year statistics give a longer term view of the market which shows increasing prices but less sales.”
Just over 31 percent of the sales were financed with cash, a percentage that has been relatively common for the last couple of years. Conventional loans were used in almost 33 percent of the transactions and FHA financing was used in 18 percent of the deals, according to LCAOR's report.
The California Association of Realtors reported that statewide existing single family home sales totaled 425,680 in September, up 1.3 percent from August and 0.8 percent from September 2015.
September’s statewide median home price was $514,320, down 2.3 percent from August and up 6.1 percent from September 2015, CAR said.
Current home prices in the state are still 13.5 percent below their previous peak, though most parts of the San Francisco Bay Area have already reached new all-time highs, according to CAR.
LAKE COUNTY NUMBERS AT A GLANCE
September 2016
Median price: $235,000
Median days to sell: 91
Units sold: 61
August 2016
Median price: $229,750
Median days to sell: 92
Units sold: 100
September 2015
Median price: $211,500
Median days to sell: 91
Units sold: 65
Realtors' association: Year-over-year real estate prices continue to increase
- Lake County News reports
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