Fueled by high demand and tight inventory, Lake County home prices experienced a strong increase in April, with the median price surpassing the $150,000-mark for the first time in more than three years according to information gathered from the Lake County Multiple Listing Service (MLS).?
“Lake County”s housing market maintained its momentum in April, getting the spring home-buying season off to a good start,” Lake County Association of Realtors President Anita McKee, said.?”The lower-priced homes are harder to find so buyers are committing to purchasing the more expensive homes.”
Lake County had 74 homes closed in April, according to the MLS.?Sales in April were down 1.3 percent from 73 in March but up 5.7 percent from 70 in April 2012.
The median price of a home in Lake County climbed 11.5 percent from March”s median price of $140,000 to $156,050 in April, signaling the first time since March 2010 that the median price has exceeded the $150,000 mark (and was the highest since then).?
April”s price was up 35.7 percent from $115,000 recorded in April 2012, marking 14 straight months of annual price increases and the 10th consecutive month of double-digit annual gains.?
The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.
“The upsurge in the median price continues to be driven by an increase in sales in the upper- price range, where low inventory is less of an issue,” California Association of Realtors (CAR) Vice President and Chief Economist Leslie Appleton-Young said.?
Other key facts of Lake County”s April 2013 housing report include:
The available supply of homes for sale was essentially unchanged from March, but was up from a year ago.
The April Unsold Inventory Index homes were 5.31 months in April, up from 5.28 months in March, and up from 4.2 months in April 2012.
The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.?A six- to seven-month supply is considered normal.
The time on market is virtually unchanged compared with a year ago. Homes sold a bit slower in April, with the median number of days it took to sell a single-family home increasing to 120 days, up from 106 days in March and the same 120 days for the same period a year ago.
Mortgage rates dipped in April, with the 30-year fixed-mortgage interest rate averaging 3.45 percent, down from 3.57 percent in March 2013 and down from 3.91 percent in April 2012, according to Freddie Mac.
Adjustable-mortgage interest rates were flat from March, averaging 2.63 percent in April, but down from 2.78 percent in April 2012.
The information gathered from the MLS is deemed accurate but not guaranteed.
Editor”s Note: Ray Perry is the past president of the Lake County Association of Realtors and works for CPS Country Air Properties located in the Riviera Shopping Center. He can be reached at 277-8000.
