LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported November sales for single-family residential properties showed stronger than expected results. The number of sales was 86 which was a 10-percent increase over the 72 sales reported in October and a 56 percent increase over the 55 sales reported in November 2014. The median sales price also climbed by 19 percent over October with the November median coming in at $252,250 compared to $211,250 for October. The median sales price in November 2014 was $187,000.
“The percentage of cash only financed sales rose to 47.7 percent of sales,” stated 2016 LCAOR President Erin Woodward. “This was a jump from the 30 percent plus range we have been seeing over the last several months. Agents are continuing to report that some of the cash sales are a result of insurance payouts from the Valley fire and that some people are choosing to buy existing homes as opposed to rebuilding.”
Distressed sales, transactions where the property is sold for less than what was owed or properties that have foreclosed upon, made up only 4.65 percent of the transactions. This number has continued to decline since 2011 when the percentage was more than 72 percent of the transactions for the entire year.
Inventory levels, the number of months it would take to sell all homes currently on the market given the rate of November sales, fell to four months. A normal level is considered to be six months of inventory.
On a statewide basis the California Association of Realtors (C.A.R.) reported that existing, single-family home sales totaled 370,000 in November, down 8.4 percent from October and down 1.6 percent from November 2014. The median sales price was $475,000, down slightly from $476,000 reported in October, but up from $445,000 reported in November 2014.
