LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the median sales price of single-family residences for Lake County cooled from $224,000 in March to $199,765 in April. Like sales in April 2014 had a median sales price of $156,000 showing a 9.1-percent increase when comparing year-to-year sales. The median sales price for all of 2014 was $169,000 compared to $184,500 for the first four months of 2015 marking a 9.2 percent year to date.
Seventy two units sold in April compared to 52 in March for a 38.5-percent increase in number of units sold. In April 2014 the number of units sold was 66. Inventory levels decreased from 7.08 months of inventory in March to 5.86 months in April. There were 6.32 months of inventory in April 2014.
“Currently there are 166 single-family residence sales pending in Lake County,” LCAOR President-elect Erin Woodward said. “This indicates that sales should remain strong as we move into the summer months.”
Freddie Mac reported that the 30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average of 0.6 point for the week ending May 7, , up from the previous week when it averaged 3.68 percent. A year ago at this time, the 30-year FRM averaged 4.21 percent.
Distressed sales, homes sold after foreclosure or for less than what was owed, continued to decline on a year-to-year basis. In April, 16.7 percent of the sales were considered distressed compared to 25.8 percent of the sales in April 2014.
For the second month in a row cash only purchases made up 25 percent of the sales down from 34.9 percent of the sales in April 2014. The median days to sell a home was 81, down 30.2 percent from the 116 days in March. FHA loans were up in April accounting for 20.8 percent of the sales.
Visit the Home Ownership Expo June 12 through 14 at the Lake County Fairgrounds from 2 to 8 p.m. There will be something for both home owners and prospective sellers and buyers. More info at www.homeownershipexpo.com.
Scott Knickmeyer is association executive Lake County Association of Realtors.
