LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the February median sales price of single-family residences in Lake County pulled back by 18.24 percent when compared to the January median sales price. The number of sales increased by 8 percent rising from 50 sales in January to 54 sales in February.
On a year-over-year basis, the number of sales increased 25.6 percent going from 43 in February 2015 to the 54 sales in February 2016. The February 2016 median price of
$190,000 increased 5.6 percent more than the February 2015 median sales price of $180,000.
LCAOR President Erin Woodward noted, “Even though the month to month median price went down the real estate market has been very active especially for this time of year. As inventories tighten and prices increase in surrounding counties more buyers will consider opportunities in Lake County.”
Cash sales financed 44.44 percent of the transactions. The trend for cash sales has been in the low 30 percent range for some time. Conventional loan financing made up 27.8 percent of the deals and Federal Housing Administration financing accounted for another 11.11 percent of the month’s sales.
Distressed property sales jumped to 18.5 percent of the sales after falling to 8 percent in January. A number of different types of sales make up distressed properties including auction sales, real estate owned (foreclosed properties) and short sales.
On a statewide basis the California Association of Realtors (C.A.R.) reported that existing, single-family home sales totaled 393,360 in February, up 2.8 percent from January 2016 and 6.4 percent above February 2015. The median sales price was $446,460, down 4.7 percent from January 2016 and up 3.8 percent from February 2015.
With regards to the statewide market C.A.R. Vice President and Chief Economist Leslie Appleton-Young stated, “February’s home price increase was the slowest rate of growth in six months, reflecting a shift in sales toward lower-priced, inland areas as buyers feeling the affordability crunch and tight supplies move away from urban cores to find affordable housing. Home buyers in the Bay Area are seeking to buy in Contra Costa, Solano, or Sonoma counties, rather than San Francisco, and Southern California home buyers are moving inland to Riverside, San Bernardino, or Central Valley areas, where housing inventory is more abundant and affordable.”
