LAKE COUNTY, Calif. – When it comes to local home values, there's good news going into 2014, according to the Lake County Association of Realtors.
The association said the median sales price of single family residences in Lake County rose nearly 25 percent when compared to like sales in 2012.
“One of the most notable trends in 2013 was the continued reduction in distressed sales,” said LCAOR president Rick White. “We also saw a reduction in cash-only financed sales, which has been the most common financing used in distressed sales, especially with the bank owned properties.”
The number of sales was reduced by 9.4 percent countywide, but the median sales price rose from $120,000 to $149,250, according to sales statistics taken from the California Regional Multiple Listing Service.
On the financing side, cash-only sales made up 34.9 percent of the transactions and conventional and FHA loans combined to make up nearly 39 percent of the financing, according to the association's report.
The association said inventory levels have continued to decline throughout the year, reaching a peak of 8.5 months of inventory in February 2013 and a low of 3.9 months in December 2013. An industry guideline defines six months of inventory as a “normal” amount.
The median days on market for selling properties was practically the same for 2013 and 2012, the association said, with 75 days being the figure for 2013 and 74 days in 2012.