LAKEPORT >> The Lake County Association of Realtors® (LCAOR) reported that the number of single family residence sales decreased from 84 sales in March to 63 sales in April. On a percentage basis the month to month change was down by 25 percent.
The median sales price for April was $227,500 which was down by five percent from the March median sales price of $239,450.
The median days on market for April sales was 60 which was down from the March median days on market of 76. The days on market is measured from the time a listing agreement is signed by all parties until all contingencies are released during the escrow process.
With regards to the availability of homes for sale 2016 LCAOR President Erin Woodward commented, “This year we have about 100 less homes on the market than we did last year. Based on previous years we expect more homes to come on the market with the peak number of available homes being in the months of July and August. From that point on we will see a decrease with December usually having the least number.”
Cash financing was used in nearly 33 percent of the April transactions with the remaining 67 percent being financed through various types of loans.
On a year to year basis the April median sales price increased by 13.9%. In April 2015 the median sales price was $199,765 compared to the above stated $227,500 for April 2016.
The number of sales decreased from 72 in April 2015 to 63 in April 2016. This accounted for a decrease of 12.5 percent.
On a statewide basis the California Association of Realtors (CAR) reported that a constrained housing supply accounted for a slow start to the summer buying season, a pattern also seen in Lake County. Existing, single family home sales totaled 406,800 in April, down 2.6 percent from March and 5.4 percent from April 2015.
April’s statewide median home price was $509,100, up 5.3 percent from March and 5.1 percent from April 2015.
