LAKE COUNTY, Calif. — Home sales and prices across Lake County are down when compared to last year, according to the latest report from the Lake County Association of Realtors.
The association, or LCAOR, said that for the 30-day period ending July 24, total homes sold through the multiple listing service totaled 89, compared to 122 during the same time last year.
Those sales include traditionally built “stick-built” houses as well as manufactured homes on land.
There were nine sales of mobile homes in parks compared to 12 for the same time last year, and 25 bare land (lots and acreage) sales, compared with 50 for the same time last year.
During that time period, 32% of homes were bought for all cash, compared to 33% for the same time last year.
Of those, 35% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 43% for the same time last year; 13% were financed by FHA (same as last year this time); and 3% were financed by the VA or CalVet compared to 5% for this time last year).
Another 11% had other financing such as private loans or seller financed notes, which was the same as last year.
There are 421 homes on the market right now. If the rate of sales stays the same at 89 homes sold per month, there are currently 4.7 months of inventory on the market at the moment. That means that if no new homes are brought to the market for sale, in 4.7 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.”
The inventory has been growing steadily over the past several months and again is a record of most homes available at any time in the last two years, LCAOR said.
Most homes were selling very close to the asking price, at an average of 97% 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 last month was 23 days, compared to 17 days for this time last year.
The median sale price of a single family home in Lake County over the last 30 days was $300,000 compared to $328,000 during this time period last year.
In the past 30 days, 26% of homes sold had seller concessions for an average of $9,462; a year ago 26% of homes sold had an average seller concession of $8,959.
A more detailed breakdown by the different areas is below.
Latest real estate report shows home sales, prices down in year-over comparison
- Lake County Association of Realtors
- Posted On