LAKE COUNTY, Calif. – A new report shows that Lake County’s real estate prices have been holding steady in 2017 when compared to last year.
The Lake County Association of Realtors, or LCAOR, reported that the sale of single family residences has been consistent since January of 2016.
In the first half of 2017, January through June, there were 449 sales. LCAOR said the number of sales were 3 percent less than the 463 sales in the last half of 2016, July through December, but up 12.8 percent over the first half of 2016, when there were 398 sales.
The median sales price for the first half of 2017 was $235,000, down 1.7 percent from the $239,000 median in the last half of 2016 and almost exactly the same as the first half 2016 median of $234,950, the association said.
In other aspects the market is showing change, according to LCAOR’s report.
the association said the median days on market, the time from when a property goes on the market until it goes into escrow, was 46 days in the first half of 2017. This median was 44.6 percent less time than the 83 days on market in the last half of 2016 and 37.8 percent less than the median of 74 days in the first half of 2016.
The percentage of distressed home sales – properties that are either a foreclosure or sold for less than what is owed – continued to decline, LCAOR said.
In the first half of 2016, 11.6 percent of the sales were distressed while in the last half of 2016 they accounted for 9.7 percent of the properties. In the first half of 2017 they made up 8 percent of the sales, LCAOR said.
Cash financing followed a similar trend. In the first half of 2016 cash was used to finance 32.2 percent of the transactions. In last half of 2016 cash was used in 28.9 percent of the deals and in the first half of 2017 cash accounted for 23.8 percent of the financing, according to the report.
“A relatively stable market has boded well for both sellers and buyers,” said LCAOR 2017 President Bobby Dutcher. “The one aspect of the market that buyers need to be most aware of is the median days on market. With this time period being shorter than in the past buyers should make sure that their financing is pre-qualified by the time they start their home search otherwise they may miss the opportunity to purchase a home they really want.”
For June 2017, LCAOR said the median sales price was $253,500 with 96 sales. In May 2017 the median was $237,500 with 94 sales and in June of 2016 the median was $259,000 with 81 sales.
The most notable June 2017 statistic was the median days on market which was 21 days. In May 2017 the median was 36 days and in June 2016 it was 65 days, according to LCAOR.
The California Association of Realtors, or CAR, reported that statewide sales in June totaled 443,150, up 3.3 percent from May and 2.4 percent from June 2016.
June’s statewide median sales price was $555,150, up 0.9 percent from May and up 7 percent from June 2016, CAR said.
CAR said the median number of days on market fell to 22.4 days in June from 27.1 days a year ago, the fastest pace since May 2004, when it took 21.9 days to sell a home.
Mortgage rates continued to dip further since the beginning of the year. The 30-year fixed mortgage rate averaged 3.9 percent in June, down from 4.01 percent in May, but up from 3.57% in June 2016, according to Freddie Mac.
The five-year, adjustable rate mortgage interest rates edged up in June to an average of 3.14 percent from 3.12 percent in May and up from 2.78 percent in June 2016, the report said.
The following numbers at a glance come from the California Regional MLS on July 18.
LAKE COUNTY NUMBERS AT A GLANCE
January – June 2017
Median price: $235,000
Median days to sell: 46
Units sold: 449
July – December 2016
Median price: $239,000
Median days to sell: 83
Units sold: 463
January – June 2016
Median price: $234,950
Median days to sell: 74
Units sold: 398