The Lake County Association of Realtors® (LCAOR) reported that 95 single-family residences sold in August, that’s over 28 percent of the July total of 74 sales.
In terms of units sold, August is often the peak of the selling season. There were 100 sales transacted in August 2016.
The median sales price was down 5.35% from the July median. In August the median sales price was $239,00 compared to $252,500 in July. On a year-over-year basis the 2017 August median was 4 percent over the 2016 August median of $229,750.
At 6.3 months the inventory levels remained “normal” by industry standards. This is in a stark contrast to the statewide inventory levels of 2.9 months.
“Inventory levels in Lake County tend to reach their peak in August,” stated Bobby Dutcher, 2017 LCAOR President. “Now would be a good time for prospective buyers to view properties before the inventory levels decline during the winter months.”
A number of financing options were utilized by buyers. Conventional loans were used in 41% of the sales, FHA loans in 15% and VA loans in 7%. Cash financing accounted for 28% of the deals.
The California Association of Realtors (C.A.R.) reported that statewide sales in August totaled 427,630 up 1.5% from July and 1.3% from August 2016. August’s statewide median sales price was $565,330 up 2.9% from July and up 7.2% from August 2016.
Mortgage rates declined further in August as the 30-year, fixed-mortgage interest rate
averaged 3.88 percent in August. That was down from 3.97 percent in July, but was up from 3.44 percent in August 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates ticked down in August to an average of 3.15 percent from 3.22 percent in July, but was up from 2.74 percent in August 2016.
NUMBERS AT A GLANCE
Lake County – August 2017
Median price: $239,000
Median days to sell: 24
Units Sold: 95
Lake County – July 2017 Median price: $252,500
Median days to sell: 35
Units Sold: 74
Lake County – August 2016
Median price: $229,750
Median days to sell: 92
Units Sold: 100
Data was taken from California Regional MLS on September 18, 2017. Data is deemed reliable but not guaranteed.
Lake County Association of REALTORS® … Helping REALTORS® to improve the consumer experience. LCAOR offices are located in Lakeport.
