LAKE COUNTY, Calif. – The local housing market showed a big improvement in February.
The Lake County Association of Realtors said the February median sales price of single family residences in Lake County rose nearly 22 percent when compared to like sales in January.
“The winter months can be slow for the real estate market, not only in Lake County but throughout the state,” said Lake County Association of Realtors President Rick White. “However it was good to see that February sales rebounded significantly when compared to the previous month’s sales and they were significantly better than the February 2013 sales.”
According to statistics taken from the California Regional Multiple Listing Service, the number of single family residence sales in February (54) was up 59 percent over like sales in January (34).
The median sales price in February came in at $162,450, with January’s median showing $133,450. There was a 38-percent increase over the February 2013 median sales price of $117,500, Lake County Association of Realtors reported.
Statewide there have been a number of factors keeping first time home buyers out of the market, the association reported. The factors include tight credit requirements, rising home prices, low inventory and all cash buyers.
In February more than 40 percent of the sales in Lake County were financed with cash and the inventory levels dipped from 8.4 months in January to 5.6 months in February, according to the association's report.