LAKE COUNTY, Calif. — The Lake County real estate market is continuing to slow down but remains a sellers market, according to the latest report from the Lake County Association of Realtors.
Over the month of October, the total homes sold through the multiple listing service last month totaled 81, compared to 104 during the same time last year.
These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were six sales of mobile homes in parks compared to seven for the same time last year, and 24 bare land (lots and acreage) sales, compared with 26 for the same time in 2021.
There are 412 homes on the market now. If the rate of sales stays the same at 63 homes sold per month, there are currently five months of inventory on the market at the moment compared to 4.4 months of inventory a month ago.
That means that if no new homes are brought to the market for sale, in five 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.
The inventory has been growing steadily over the past several months, with more homes being brought to market with fewer buyers.
The total percentage of homes bought for all cash in October was 26%, the same amount as in October 2021.
Of those, 43% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 45% for the same time last year; 22% were financed by FHA compared to 15% for this time last year); and 0% were financed by the VA or CalVet (compared to 6% for this time last year) 9% had other financing such as private loans or seller financed notes (compared to 8% last year at this time).
Most homes were selling very close to the asking price, at an average of 97% of the asking price. This is in contrast to other areas, where homes still sell for more than the asking price.
The median time on the market last month was 32 days, compared to 27 days for this time last year.
The median sale price of a single family home in Lake County over the last 30 days was $282,500, lower than $312,250 during this time period last year.
In the past 30 days, 48% of homes sold had seller concessions for an average of $9,035; a year ago 38% of homes sold had an average seller concession of $7,817.
Realtors association says local real estate inventory growing, with fewer buyers
- Lake County Association of Realtors
- Posted On