LAKE COUNTY, Calif. — The latest report from the Lake County Association of Realtors on home sales shows that the number of homes going up for sale has risen, but home prices have softened over the past year.
Over the month of March 2024, a total of 69 single family homes were sold through the multiple listing service, compared to 55 in February and 82 sold a year ago during the month of March 2023. These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were 12 sales of mobile homes in parks in March, compared to two sold in February and compared to 17 sold in March last year.
For bare land (lots and acreage) 24 were sold in March, compared to 27 sold in February, and also 27 were sold during that time period the previous year in March 2023.
There are 354 “stick built” and manufactured homes on the market right now. If the rate of sales stays the same at 69 homes sold per month, there are currently 5.13 months of inventory on the market. That means that if no new homes are brought to the market for sale, in 5.13 months, all of these homes would be sold and there would be no homes available for sale.
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.”
April’s inventory is lower than February 2024, when there were 6.1 months of inventory available. Agents are currently reporting an uptick in buyers wanting to see homes and write offers on properties.
The total percentage of homes bought for all cash in March: 22% (compared to 35% for February and 27% for a year ago in March 2023); 49% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 38% for February and 44% for March 2023; 12% were financed by FHA (compared to 16% in February and 11% in March 2023); 4% were financed by the VA or CalVet (compared to 2% in February and 5% for March 2023); 12% had other financing such as private loans, USDA, or seller financed notes (compared to 9% in February, and compared to 10% for March 2023).
One of the closed sales in March was reported as an assumable loan that was assumed by the buyer.
The homes in March sold at an average of 97% of the asking price at the time the property went under contract, but an average of 92% 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 February, homes sold for 93.1% of the asking price at the time the property went under contract, and 87% of the original asking price.
A year ago in March, homes were selling at 97% of the asking price at the time the property went under contract and at 90% when compared to the original asking price.
The average time on the market for residential properties in March was 79 days, compared to 54 days in February and 43 days a year ago in March 2023.
The median sale price of a single family home in Lake County in March was $300,000, which is higher than the $275,000 median sale price for February but lower than the median sale price a year ago of $324,500 during March 2023.
This would indicate that in March, the higher priced homes were selling in greater numbers to bring the median sale price up compared to February.
The median asking price of homes on the market right now is $397,000, which is higher than February’s median price of $370,000.
This would indicate that more higher priced homes are hitting the market compared to lower priced homes.
March Lake County home sales up in number, but home prices down over the year
- Lake County Association of Realtors
- Posted On