LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the median sales price of single-family residences for Lake County moved up from $199,765 in April to $207,000 in May.
The May median price was nearly 24 percent above the May 2014 median price which was $167,295. The first five months of 2015 showed an 18.75-percent gain in median sales price when compared to the first five months of 2014. The number of units sold for the same time periods was up by 6.74 percent in 2015.
Seventy two units sold in May, which was equivalent to the units that sold in April. Inventory levels remained close to six months at 6.49 months of inventory. In May of 2014 the inventory levels were slightly higher at 7.29 months. Six months of inventory is considered normal and indicates how long it would take to sell the existing inventory if no new listings were added to the market.
“Sales have been good throughout the county,” stated Yvette Sloan, LCAOR president. “Year to date there [have] been 60 sales in Hidden Valley Lake, 46 sales in Clearlake, 32 in Lakeport and 30 in Clear Lake Riviera.”
Distressed sales, homes sold after foreclosure or for less than what was owed, continued to decline on a year-to-year basis. In May, 13.9 percent of the sales were considered distressed compared to 30.7 percent of the sales in May 2014. Standard sales, those homes being sold for more than what was owed, made up 88.33 percent of the sales.
Cash sales continue to play a significant role in the purchasing of properties with 38.9 percent of the sales being purchased with cash. Conventional loans accounted for 28.2 percent of the transactions.
Mortgage rates increased in May, with the 30-year, fixed-mortgage interest rate averaging 3.84 percent, up from 3.67 percent in April but down from 4.19 percent in May 2014, according to Freddie Mac. Adjustable-mortgage interest rates edged up in May, averaging 2.49 percent, up slightly from 2.46 in April and 2.43 percent in May 2014.
Scott Knickmeyer is association executive for the Lake County Association of Realtors. Visit www.lcaor.com for information.
