The Lake County Association of Realtors® (LCAOR) reported that the number of sales in November increased 10 percent over October and 8.5 percent over November 2016.
Seventy-six, single-family residences sold in November, with 69 selling in October. Last November, there were 70 sales.
The November median sales price was virtually unchanged from the October median. In November the median was $249,950, compared to October’s median of $250,000. The November 2016 median was $255,000.
“The market has continued to be active,” 2018 LCAOR President Melissa Chapman said. “At 5.3 months the unsold inventory index has remained higher than the statewide inventories, and that is a good sign for the Lake County real estate market.”
Cash only purchases made up 27.6 percent of the transactions, compared to 28.6 percent in November 2016. Conventional loans accounted for 35.5 percent of the deals with FHA loans being used for 21 percent of the purchases.
The California Association of Realtors (CAR) reported existing, single-family home sales totaled 440,340 in November on a seasonally adjusted annualized rate, up 2.1 percent from October and down 0.8 percent from November 2016. November’s statewide median home price was $546,820 up 0.1 percent from October and up 8.8 percent from November 2016.
With housing inventory remaining at stubbornly low levels, the statewide unsold inventory index dropped to 2.9 months in November.
Mortgage rates edged higher in November as 30-year, fixed-mortgage interest rates averaged 3.92 percent in November, up from 3.90 percent in October and from 3.77 percent in November 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rate also ticked higher in November to an average of 3.24 percent from 3.18 percent in October and from 2.74 percent in November 2016.
NUMBERS AT A GLANCE
Lake County — November 2017
Median price: $249,950
Median days to sell: 54
Units Sold: 76
Lake County — October 2017
Median price: $250,000
Median days to sell: 36
Units Sold: 69
Lake County — November 2016
Median price: $255,000
Median days to sell: 82
Units Sold: 70
Data was taken from the California Regional MLS on December 12, 2017. Data is deemed reliable but not guaranteed.
