LAKE COUNTY—Over the month of November: Total homes sold through the multiple listing service last month: 68, compared to 90 during the same time last year. These include traditionally built “stick-built” houses as well as manufactured homes on land. There were 5 sales of mobile homes in parks compared to 3 for the same time last year, and 13 bare land (lots and acreage) sales, compared with 38 for the same time last year.
There are 371 homes on the market right now. If the rate of sales stays the same at 68 homes sold per month, there are currently 5.45 months of inventory on the market at the moment compared to 5.0 months of inventory a month ago. That means that if no new homes are brought to the market for sale, in 5.45 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. The inventory has been growing steadily over the past several months, with more homes being brought to market with fewer buyers. The recent interest rate hikes have played a big role in reducing the number of active buyers.
Total percentage of homes bought for all cash in October: 41% (compared to 15% for this same time last year; 35% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 51% for the same time last year; 12% were financed by FHA (compared to 13% for this time last year); and 10% were financed by the VA or CalVet (compared to 5% for this time last year) 2% had other financing such as
private loans or seller financed notes (compared to 16% last year at this time).
Most homes were selling close to the asking price, at an average of 96% of the asking price. The median time on the market last month was 49 days, compared to 23 days for this time last year. The median sale price of a single-family home in Lake County in November was $287,000, lower than the median sale price of $304,500 during this time period last year.
In the past 30 days, 41% of homes sold had seller concessions for an average of $7,085; a year ago 37% of homes sold had an average seller concession of $6,474.
