LAKEPORT >>The Lake County Association of Realtors (LCAOR) reported that the September median sales price for single-family residence rose from $200,000 in August to $211,500 accounting for a 5.75-percent gain. Year over year the median sales price increased 14.3 percent, up from $185,000 in September of 2014.
“A number of active listings were affected by the Valley Fire,” stated LCAOR President Yvette Sloan. “The exact number will be difficult to determine, but we can identify somewhere between 20 and 30 listings for sure. Some of those were in escrow when the fire struck and we know of one agent who lost six deals. The situation has been tough for sellers, buyers and agents who were involved in those transactions.”
“LCAOR expects that there will be inventory shortages in the Cobb, Middletown and Hidden Valley Lake areas. Some agents have reported that owners in those areas who have received insurance payouts have elected to buy elsewhere in Lake County as opposed to rebuilding. How many chose to rebuild or not to rebuild will remain unanswered for the next several months to a year,” said Scott Knickmeyer association executive at LCAOR.
There were 65 sales in September and that was down from 79 in August. Compared to September of 2014 the number of sales was up 14 percent when 57 deals were closed. Sales activity tends to slow as autumn commences and children return to school.
Distressed sales made up nearly 17 percent of the transactions which was up slightly from the 15.2 percent in August, but down from the 24.2 percent September 2014.
Financing trends remained relatively consistent with cash only purchases making up 32.3 percent of the sales and conventional loans accounting for the same percentage. The biggest difference in financing year over year was the increase in the percentage of transactions financed through FHA loans which made up 18.5 percent of the sales in September versus 8 percent of the sales in September 2014.
On a statewide basis the California Association of Realtors (C.A.R.) reported that existing, single-family home sales totaled 425,030 in September, down 1.5 percent from August but up 6.9 percent from September 2014. This marked the sixth straight month that statewide sales were above the 400,000 mark. The median sales price was $482,150, down 2.3 percent from August but up 4.3 percent from September 2014.
LCAOR offices are located in Lakeport.
