LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the January median sales price of single-family residences in Lake County rose 7.6 percent over like sales in December 2015. The January median sales price was $232,500 compared to $216,000 in December. The number of sales in January was 50 which was a 46.2 percent decrease from the 93 sales in December.
“It is not uncommon to see the number of sales dip in January,” said Erin Woodward, 2016 LCAOR president. “People tend to be preoccupied with other matters in December and that is reflected in the January numbers. The fact that the median price increased over December’s has also been a pattern we have seen over the last few years.”
On a year-over-year basis, the number of sales increased 11 percent going from 45 in January 2015 to the 50 sales in January 2016. The January 2016 median price of $232,500 increased 46 percent over the January 2015 median sales price of $159,000.
Sales financed by cash accounted for 32 percent of the transactions which was up from 25.58 percent of the sales in December and virtually the same when compared to January 2015 sales.
Conventional loans made up 36 percent of the sales, down from 53.5 percent of the sales in December 2015. However, Federal Housing Administration financed sales rose to 18 percent of the sales after financing 10.5 percent of the December sales.
On a statewide basis the California Association of Realtors (C.A.R.) reported that existing, single-family home sales totaled 383,670 in January, down 5.4 percent from December 2015 and up 8.8 percent from January 2015. The median sales price was $468,330 down 4.3 percent from December 2015 and up 9.2 percent from January 2015. C.A.R. reported that the highest median price in the state was $1.17 million in the city and county of San Francisco.
