LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that distressed sales, homes sold after foreclosure or for less than what was owed, declined to 6.42 percent of July sales for single-family residences. At one time during the recent recession distressed sales made up more than 70 percent of the residential sales in the county.
“It is good to see homeowners getting back above water,” commented LCAOR President Yvette Sloan. “With the market returning to a more normal state people feel more comfortable about purchasing a home.”
The median sales price for July rose to $211,000 up slightly from the June median price of $209,900. The July median sales price was 25.6 percent higher than the July 2014 median sales price of $168,000. The number of units fell from 109 sold in June to 82 units in July. Year over year, July 2015 compared to July 2014, the number of units sold increased by 3.8 percent.
On the financing front, cash buyers accounted for about 21 percent of the deals, which was down from 37.6 percent of the deals in June and down from 39.2 percent in July, 2014. Nearly 44 percent of the sales used conventional loans to finance the sales. FHA and CalVet/Vet loans each made up 9.76 percent of financing of sales.
Inventory levels rose to six months of inventory after dipping to four months in June. July 2014 had six months of inventory also. Six months of inventory is considered normal for the real estate market.
Looking ahead to August sales Yvette Sloan noted, “At this point it is difficult to tell if the Rocky and Jerusalem fires will have an effect on the market. Insurance carriers are waiting for containment of the fires before issuing new policies and that could slow things down temporarily.”
Scott Knickmeyer is association executive for Lake County Association of Realtors.
