LAKEPORT, Calif. – The Lake County Association of Realtors reported that June sales of single-family residences in Lake County soared well above like sales for May both in median price and number of sales.
“It was good to see the activity pick up,” said LCAOR President Rick White. “The number of sales is encouraging and I hope to see the trend continue into July.”
The median sales prices jumped from $167,295 in May to $185,000 in June, resulting in a 10.88-percent increase, the association reported.
The number of sales saw an even higher percentage increase month over month, coming in at a 38.71-percent increase, according to association numbers.
The increased sales put a dent in inventory levels, which the association said dropped from 6.58 months of inventory to 5.23 months in June. Properties moved briskly with the median time on market being 60 days.
Distressed property sales continued to decline as a total percentage of sales, dropping from 30.65 percent to 22.35 percent, the association reported.
Financing of purchases remained relatively the same as May, with the association report noting that 31.76 percent of homes were purchased with cash and 53 percent through loans.
The association said the top performing areas in terms of number of sales were Clearlake (17), Hidden Valley Lake (16), Lakeport (11) and the Clear Lake Riviera (11).
The median sales prices in each of the areas were $114,000 for Clearlake, $215,000 for Hidden Valley Lake, $280,000 for Lakeport and $189,000 for the Clear Lake Riviera, based on the report.