LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the October median sales price for a single family residence remained virtually the same as September’s median. The October median was $211,250 compared to $211,500 in September. Year-over-year median pricing increased by 30 percent, rising from the October 2014 median of $162,500.
“The real estate community is still cautious about the effects of the fires this summer, especially the Valley Fire,” stated LCAOR President Yvette Sloan. “In the Hidden Valley Lake area we saw a lot of activity which was somewhat surprising given all that happened. There were a total of 16 sales in October which tops the yearly average of 13 sales per month.”
County wide there were 72 single-family residential sales in October which was up from 65 sales in September. The increase was a bit more significant in the year-over-year comparison when 63 homes sold in October of 2014. The median days on market decreased from 91 days in September to 78 days in October which was comparable to 75 days in October 2014.
Cash sales made up 36.1 percent of the sales rising from 32.3 percent of the sales in September and 31.75 percent of the sales in October 2014. Conventional loan financing made up 30.6 percent of the sales compared to 32.3 percent in September and 34.9 percent in October 2014. Distressed sales continued their downward trend with only 12.2 percent of the sales in that category compared to 16.9 percent in September and 22.2 percent in October 2014.
On a statewide basis the California Association of Realtors (C.A.R.) reported that existing, single-family home sales totaled 403,510 in October, down 5.1 percent from September but up 1.3 percent from October 2014. This marked the seventh straight month that statewide sales were above the 400,000 mark. The median sales price was $475,990, down 1.3 percent from September but up 5.7 percent from October 2014.
