LAKE COUNTY >> The Lake County Association of Realtors® (LCAOR) reported that the number of sales in October slowed down when compared to September 2017 and October 2016.
Sixty-nine (69) single-family residences sold in October with 86 trading in September, a decrease of over 19 percent. In October 2016, there were 75 sales for an 8 percent decrease in sales on a year-to-year comparison.
The October median sales price was $250,000 which was up 6.7 percent over the September median, but down 3.85 percent from the October 2016 median.
“Year to date, the 2017 median sales price in Lake County has increased 1.0 percent over 2016,” commented Bobby Dutcher, 2017 LCAOR President. “With the California Association of Realtors forecasting the same percentage increase statewide for 2018 we can expect the 2018 market to look similar to 2017 provided that the final tax reform proposal is more favorable to homeownership than current versions.”
Financing purchases through loans versus cash continue to rise slowly over time. A year ago it was not uncommon to see over 30 percent of the transactions financed through cash, but in 2017 cash financing has dipped to over 20 percent of the deals.
Inventory levels dipped to 5.2 months from 6.0 months in September but were at the same level in October 2016. The statewide inventory levels for October were 3.4 months.
The California Association of Realtors (C.A.R.) reported existing, single-family home sales totaled 431,020 in October on a seasonally adjusted annualized rate, up 0.8 percent from September and down 3.4 percent from October 2016. October’s statewide median home price was $546,430 down 1.6 percent from September and up 6.1 percent from October 2016.
Mortgage rates edged higher in October as 30-year, fixed-mortgage interest rates averaged 3.90 percent in October, up from 3.81 percent in September and from 3.47 percent in October 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rate also ticked higher in October to an average of 3.18 percent from 3.16 percent in September and from 2.83 percent in October 2016.
NUMBERS AT A GLANCE
Lake County — October 2017
Median price: $250,000
Median days to sell: 36
Units Sold: 69
Lake County — September 2017
Median price: $234,250
Median days to sell: 47
Units Sold: 86
Lake County — October 2016
Median price: $260,000
Median days to sell: 69
Units Sold: 75
Data was taken from the California Regional MLS on November 27, 2017 and deemed reliable but not guaranteed.
