LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the median sales price of single-family residences for Lake County rose from $159,000 in January to $180,000 in February, a 13.2-percent increase. Like sales in February 2014 had a median sales price of $162,450 indicating that there was a 10.8-percent increase when comparing year to year sales.
The number of units selling in February decreased by 20.4 percent when compared to February 2014 falling from 54 units in 2014 to 43 units in 2015. With fewer units selling the months of inventory increased from 6.5 to 7.4. In January there were 305 single-family residences listed for sale and in February there were 318. It is not uncommon to see fewer units available during the winter months. In 2014 the maximum number of units for sale in any one month was 505 in August and the low was 318 in January.
Distressed sales, homes sold after foreclosure or for less than what was owed, declined slightly from the January percentage, 18.6 percent from 19.2 percent. However the decline was significant, 18.6 percent from 42.6 percent, when compared to February 2014.
Cash only purchases were down to 18.6 percent of the sales which is the lowest percentage in a few years. Conversely, conventional loans rose to 41.9 percent of the sales, up from 32.7 percent in January. USDA loans were the next most common type of loan used with those making up 16.3 percent of the transactions. USDA loans have qualifying factors such as income and the selling price of the home. Potential buyers should contact a qualified lender to determine if they qualify for this type of loan. All loan types have qualifying factors, but they vary from loan type to loan type.
The median time that a property was on the market increased from 81 days in February 2014 to 118 for the same month in 2015. In January, the median days on market was 112. It is not substantiated but one possible reason for the increased days on market could be that fewer transactions are being purchased with cash and more are being purchased via loans which have a processing time not associated with cash transactions.
“Despite the lower number of sales real estate activity has been on the upswing” said Yvette Sloan, LCAOR president. “The next few months will be a good indicator of how the rest of the year will go.”
Buyers and sellers wanting to find out about the market value of their property or how the market is doing in their neighborhood should contact a Lake County experienced Realtor. A member roster is available at: http://www.lcaor.com/members/.
Scott Knickmeyer is association executive for the Lake County Association of Realtors.
