Over the month of September, a total of 65 single family homes were sold through the multiple listing service, compared to 83 in August and 87 sold a year ago during the month of September 2022. These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were six sales of mobile homes in parks in September, compared to five in August and three sold during the month of September 2022. For bare land (lots and acreage) 24 were sold in September compared to 22 sold in August and 24 during September 2022.
There are 438 “stick built” and manufactured homes on the market right now. If the rate of sales stays the same at 65 homes sold per month, there are currently 6.74 months of inventory on the market at the moment. That means that if no new homes are brought to the market for sale, in 6.74 months, all of these homes would be sold and there would be none available. Less than six months of inventory is generally considered to be a “sellers’ market” while more than six months of inventory is often called a “buyers’ market”. This month’s data is a dramatic shift from last month, where five months of inventory were available, and the first “buyers’ market” of more than six months of inventory we have seen in several years.
The total percentage of homes bought for all cash in September: 45% (compared to 34% for August and 33% for September 2022; 26% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 35% for August and 37% for the September 2022; 23% were financed by FHA (compared to 20% for August and 20% for September 2022); and 6% were financed by the VA or CalVet (compared to 7% for August and 3% for September 2022); 0% had other financing such as private loans, USDA, or seller financed notes (compared to 9% in August, and compared to 7% for September 2022).
The homes in September were continuing to sell at an average of 97% of the asking price at the time the property went under contract, but an average of 93% when compared to the original asking price when the property first came on the market. (In August it was the same at 97% of the asking price at the time the property went under contract, but homes were selling at 92% of the original asking price.) A year ago in September, homes were selling at 95% of the asking price at the time the property went under contract and 89% when compared to the original asking price.
The median time on the market in September was 40 days, compared to 39 days August and 32 days in September 2022. The median sale price of a single family home in Lake County in September was $249,000, which is lower than the $310,000 for August and also lower than the median sale price of $397,000 during September 2022. This would indicate that last month the lower priced homes were selling in greater numbers to bring the median sale price down. The median asking price of homes on the market right now is $375,850.
In September, 40% of homes sold had seller concessions for an average concession of $9,033; in August 42% of homes had seller concessions for an average concession of $10,148 and in September 2022 33% of homes sold had an average seller concession of $8,242. Average concessions were higher for FHA ($7,843) and VA ($7,229) buyers, while buyers with a conventional loan had an average concession of $3,033, and cash buyers had an average concession of $1,106.
—Courtesy of the Lake County Association of Realtors
