LAKEPORT >> The Lake County Association of Realtors (LCAOR) reported that year-over-year median sales prices for single-family residence continued to increase when comparing 2016 monthly sales to 2015 monthly sales. This is a trend that has been virtually ongoing since 2012. The median sales price in September was $235,000 up more than 11 percent from the September 2015 median sales price of $211,500.
On a month-to-month basis, the median sales price in September increased by 2.3 percent over the August median sales price of $229,750. The number of sales for the same time period dipped from 100 sales in August to 61 sales in September.
“It is common to see the number of sales dip in September,” commented LCAOR President Erin Woodward. “The year-over-year statistics give a longer-term view of the market, which shows increasing prices but less sales.”
A little more than 31 percent of the sales were financed with cash, a percentage that has been relatively common for the last couple of years. Conventional loans were used in almost 33 percent of the transactions and Federal Housing Administration financing was used in 18 percent of the deals.
The California Association of Realtors (C.A.R.) reported that statewide existing, single-family home sales totaled 425,680 in September up 1.3 percent from August and .8 percent from September 2015. September’s statewide median home price was $514,320, down 2.3 percent from August and up 6.1 percent from September 2015.
Current home prices in the state are still 13.5 percent below their previous peak, though most parts of the San Francisco Bay Area have already reached new all-time highs.
