LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the August median sales price was $200,000 which was a 5.2-percent drop when compared to the July median sales price of $211,000. Year over year the median sales price increased 16.3 percent, up from $172,000 in August 2014.
“The number of sales was also down a small amount,” commented LCAOR President Yvette Sloan. “However, we did see a number of sales over $500,000 indicating that high end buyers were entering the market.”
The number of sales for August came in at 79 units down from 82 units in July. In August of 2014, 73 units sold making the year over year comparison an 8.2-percent gain.
The percentage of distressed sales rose from an adjusted 8.5 percent of the sales in July to 15.2 percent of the sales in August.
On the financing front, cash buyers accounted for nearly 33 percent of the deals after dipping to 21 percent in July. The percentage of buyers using conventional loans dropped from 44 percent in July to 34 percent in August. Federal Housing Administration loans financed 13.9 percent of the deals.
Inventory levels were at six months of inventory for August 2014, July and August. This is considered a normal level in the real estate industry and means that at the current rate of selling it would take six months to sell all the active listings in the multiple listing service.
On a county-wide basis it did not appear that the Rocky and Jerusalem fires impacted sales, however the Valley Fire may have an effect because a much larger number of homes have been affected.
