LAKE COUNTY, Calif. — The latest report from the Lake County Association of Realtors shows that home sales were up in March and that it’s a sellers’ market.
In March, 117 total homes sold through the multiple listing service last month, compared to 68 in February. These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were seven sales of mobile homes in parks in March, unchanged from February, and 31 bare land (lots and acreage) sales, compared with 60 in February.
Homes bought for all cash totaled 36%, compared to 28% in February, while 32% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 41% in February. Twenty percent were financed by FHA, compared to 13% the previous month.
At the end of April there were 281 homes on the market, compared to 197 in March. If the rate of sales stays the same at 117 homes sold per month, there are currently 2.4 months of inventory on the market at the moment.
That means that if no new homes are brought to the market for sale, in 2.4 months all of these homes would be sold and there would be none available.
Less than six months of inventory is generally considered to be a “sellers’ market” while more than six months of inventory is often called a “buyers’ market.”
Most homes were selling very close to the asking price, at 98% of the asking price. This is in contrast to other areas, where homes sell for more than the asking price.
The median time on the market in March was 14 days, very similar to last year.
The median price of a single family home in Lake County at the end of April was $330,500, the association reported.
Realtors association reports on March home sales
- Lake County Association of Realtors
- Posted On