LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the median sales price for single family residential sales gained a modest 4 percent when comparing May sales to April. The median sales price in May was $236,500 and in April it was $227,500.
The number of sales rose from 63 in April to 66 in May accounting for a 4.76-percent increase on a month-to-month basis.
On a year-to-year comparison, the number of sales dropped 8.3 percent. The number of sales in May 2015 was 72. Prices however increased 14.25 percent. The May median sales price for 2015 was $207,000.
The median days on market for May sales was 77, which was up from the April median days on market of 60. 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.
Erin Woodward, LCAOR president noted, “The area that has seen the most sales year to date is Hidden Valley Lake with 63 sales and a median sales price of $255,000. The Clear Lake Riviera had 41 sales with a median sales price of $235,000. The Lakeport area reported 52 sales with a median price of $264,000 and the Clearlake area had 39 sales with a median price of $110,000.”
Cash financing was used in 26 percent of the sales while conventional and Federal Housing Administration loans accounted for more than 54 percent of the transactions.
On a statewide basis the California Association of Realtors (C.A.R.) reported that homes sales edged up slightly and that the market was being driven by tight housing inventories and reduced affordability. May’s median sales price was $518,760 up 1.8 percent from April’s median of $509,590. The year to year increase was 6.3 percent when compared to the May 2015 median of $487,960.
