LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that the median sales price for single-family residential sales for the month of July remained close to the same as June sales. The median sales price for July was $245,250 which was down 5.31 percent from June’s median price of $259,000.
There were 78 sales in July compared to 81 sales in June, a 3.7-percent reduction on a month-to-month comparison.
On a year-over-year basis, the median sales rose 16.23 percent ($245,250 in July 2016 versus $211,000 in July 2015). The number of sales were down 4.9 percent (78 sales in July 2016 versus 82 sales in July 2015).
“Just about everything in July looked like June over again,” LCAOR President Erin Woodward said. “With the slight decreases in sales and median prices the Lake County market is mirroring the California market as a whole.”
On a month-to-month basis the median days to sell was relatively the same with sales in July taking 68 days to sell and sales in June taking 65 days. Year over year, July 2016 compared to July 2015 was a different story. In July 2015 the median days to sell was 90.
Inventory levels continued at six months, a figure that is considered normal for real estate markets.
More than 48 percent of the July sales used conventional financing in the purchase of a property. Cash sales accounted for 23 percent of the financing. On a statewide level the California Association of Realtors reported existing, single-family home sales totaled 415,840 in July, down 4.1 percent from June and 5.1 percent from July 2015. July’s median home price was $509,830, down 1.8 percent from June and up 3.9 percent from July 2015.
