LAKE COUNTY, Calif. — The Lake County Association of Realtors’ latest report shows media prices going up and the time for sales taking longer.
Over the month of January 2024, a total of 51 single family homes were sold through the multiple listing service, compared to 54 in December and 52 sold a year ago during the month of January 2023. These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were five sales of mobile homes in parks in January, compared to six sold in December and compared to six sold in January last year.
For bare land (lots and acreage) 16 were sold in January, the same as in December, compared to 19 that time the previous year in January 2023.
There are 343 “stick built” and manufactured homes on the market right now. If the rate of sales stays the same at 51 homes sold per month, there are currently 6.7 months of inventory on the market. That means that if no new homes are brought to the market for sale, in 6.7 months, all of these homes would be sold and there would be no homes available for sale.
Less than 6 months of inventory is generally considered to be a “sellers’ market” while more than 6 months of inventory is often called a “buyers’ market.”
January’s inventory was slightly higher than December 2023, when there were 6.4 months of inventory available. Agents are currently reporting an uptick in offers being written.
The total percentage of homes bought for all cash in January:
• 33% (compared to 35% for December and 15% for a year ago in January 2023);
• 27% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 37% for December and 35% for January 2023;
• 25% were financed by FHA (compared to 20% in December and 21% in January 2023);
• 2% were financed by the VA or CalVet (compared to 1% in December and 15% for January 2023);
• 10% had other financing such as private loans, USDA, or seller financed notes (compared to 4% in December, and compared to 6% for January 2023). None of the closed sales in January were reported as assumable loans that were assumed by the buyer.
The homes in January sold at an average of 93.1% of the asking price at the time the property went under contract, but an average of 86.1% when compared to the original asking price when the property first came on the market.
This means that the asking home prices had been reduced from their original list prices before an offer was accepted.
In December, homes sold for 94.6% of the asking price at the time the property went under contract, and 88% of the original asking price.
A year ago in January, homes were selling at 94.2% of the asking price at the time the property went under contract and at 86.9% when compared to the original asking price.
The median time on the market for residential properties in January was 92 days, compared to 62 days in December and 48 days a year ago in January 2023.
The median sale price of a single family home in Lake County in January was $292,000, which is lower than the $305,000 median sale price for December and also lower than the median sale price a year ago of $300,000 during January 2023.
This would indicate that last month, the lower priced homes were selling in greater numbers to bring the median sale price down compared to December 2023 and January 2023.
The median asking price of homes on the market right now is $369,500, compared to December’s $360,000.
In January, 41% of homes sold had seller concessions for an average concession of $11,767; the rate and amount of concessions is higher compared to December 2023’s numbers, when 37% of homes sold had seller concessions with an average concession of $7,679.
In January 2023, 52% of homes sold had an average seller concession of $9,148. This past month in January 2024, the average seller concession was highest for the largest cash transaction, which was a sale for $1,760,000 with a seller concession of $40,000.
FHA loans were next, with an average seller concession of $12,330; conventional loans had an average concession of $10,445. The only VA loan had a seller concession of $7,900.