LAKE COUNTY, Calif. – The Lake County Association of Realtors reported that the median sales price of single family residences was up in 2014, as compared to the previous year.
In Lake County, prices rose from $149,000 in 2013 to $169,000 for 2014, a 13.4-percent increase, the association reported.
The number of units selling in 2014 decreased by 16.8 percent, falling from 880 units in 2013 to 732 units in 2014. The trend of a higher median price and less units selling was a trend that was seen statewide, the organization said.
Distressed sales, homes sold after foreclosure or for less than what was owed, declined from 40.5 percent in 2013 to 26.4 percent in 2014, according to the report.
That's still higher that the state average. The California Association of Realtors reported in November that the statewide percentage of sales of distressed properties was 9.5 percent.
Cash-only purchases made up 32.4 percent of the sales in 2014 which was down slightly from 34.9 percent of the sales in 2013.
The report said conventional loan financing made up 35 percent of sales and FHA financing made up 12.7 percent.
USDA loans were the next prevalent type of loan and they made up 5.3 percent of the sales, the association reported.
USDA loans have qualifying factors such as income and the selling price of the home. Potential buyers should contact a qualified lender to determine if they qualify for this type of loan. All loan types have qualifying factors, but they vary from loan type to loan type.
Land sales in the county had a total dollar sales volume of $13.5 million with 221 sales. The association siad that was down from 2013 land sales of $17.8 million and 250 sales.
Over the last 10 years the year that had the highest volume and number of sales was 2005 when $94.4 million was the dollar volume and 1,217 sales were recorded, according to association data.
Commercial sales in 2014 saw a significant increase in dollar volume when compared to 2013. In 2013 the sales volume was $4.4 million on 22 sales and in 2014 the volume was $11.8 million on 21 sales, the association reported. In 2014 there were five sales greater than $1M which contributed to the increase in the volume of sales.
Yvette Sloan, this year's LCAOR president, said 2014 showed signs of the real estate market returning to a near normal housing market, with price increases starting to move upward at a moderate pace.
“This should be positive news for buyers who have been putting off the purchase of a home. With interest rates still low this will give more buyers a chance to participate in the purchase of a home,” Sloan said.
NUMBERS AT A GLANCE
2014
– Median price: $169,000
– Median days to sell: 76
– Units Sold: 732
2013
– Median price: $149,500
– Median days to sell: 75
– Units Sold: 880
December 2014
– Median price: $152,000
– Median days to sell: 94
– Units Sold: 53
November 2014
– Median price: $187,000
– Median days to sell: 111
– Units Sold: 55
December 2013
– Median price: $151,500
– Median days to sell: 86
– Units Sold: 77