LAKE COUNTY— Last month in real estate: Total homes sold through the multiple listing service last month: 68. These include traditionally built “stick-built” houses as well as manufactured homes on land. There were 7
sales of mobile homes in parks, and 60 bare land (lots and acreage) sales.
Total percentage of homes bought for all cash: 28%; while 41% were financed by Fannie Mae or Freddie
Mac (“conventional loans”; while 13% were financed by FHA. Almost one-third (31%) of homes sold with
a seller concession to the buyer for closing costs; the average amount of seller credit to buyer was
$6,800.
There are 197 homes on the market right now. If the rate of sales stays the same at 68 homes sold per
month, there are currently 2.9 months of inventory on the market at the moment. That means that if no
new homes are brought to the market for sale, in 2.9 months all of these homes would be sold and
there would be none available. Less than 6 months of inventory is generally considered to be a “sellers’
market” while more than 6 months of inventory is often called a “buyers’ market”.
Most homes were selling very close to the asking price; in Clearlake the homes were selling for slightly
more than asking price (101% of the listing price). To break it down by area, here is a comparison of
activity this past month, compared to last year at this same time. Please keep in mind that these
numbers are quite small, so it is difficult to make assumptions based on them.
—Courtesy of the Lake County Association of Realtors
