LAKE COUNTY, Calif. – Prices in Lake County's real estate market are continuing to show signs of improvement.
The Lake County Association of Realtors, or LCAOR, reported that the median sales price of single family residences for Lake County rose from $159,000 in January 2015 to $180,000 in February, a 13.2-percent increase.
Similar sales in February 2014 had a median sales price of $162,450, which LCAOR said indicates there was a 10.8-percent increase when comparing year to year sales.
The number of units selling in February 2015 decreased by 20.4 percent when compared to February 2014 falling from 54 units in 2014 to 43 units in 2015, according to LCAOR. With fewer units selling the months of inventory increased from 6.5 to 7.4.
In January there were 305 single family residences listed for sale and in February there were 318. It is not uncommon to see fewer units available during the winter months, LCAOR reported.
LCAOR's report showed that in 2014 the maximum number of units for sale in any one month was 505 in August and the low was 318 in January.
“Despite the lower number of sales real estate activity has been on the upswing,” said Yvette Sloan, 2015 President of LCAOR. “The next few months will be a good indicator of how the rest of the year will go.”
Distressed sales, homes sold after foreclosure or for less than what was owed, declined slightly from the January percentage, 18.6 percent from 19.2 percent. However, LCAOR reported that the decline was significant – 18.6 percent from 42.6 percent – when compared to February 2014.
Cash only purchases were down to 18.6 percent of the sales, which LCAOR said is the lowest percentage in a few years. Conversely conventional loans rose to 41.9 percent of the sales, up from 32.7 percent in January.
USDA loans were the next most common type of loan used with those making up 16.3 percent of the transactions, LCAOR said. USDA loans have qualifying factors such as income and the selling price of the home. Potential buyers should contact a qualified lender to determine if they qualify for this type of loan. All loan types have qualifying factors, but they vary from loan type to loan type.
The median time that a property was on the market increased from 81 days in February 2014 to 118 for the same month in 2015. In January 2015 the median days on market was 112, LCAOR reported.
It is not substantiated but one possible reason for the increased days on market offered by LCAOR was the possibility that fewer transactions are being purchased with cash and more are being purchased via loans which have a processing time not associated with cash transactions.
NUMBERS AT A GLANCE
Lake County, February 2015
Median price: $180,000
Median days to sell: 118
Units Sold: 43
Lake County, January 2015
Median price: $159,000
Median days to sell: 112
Units Sold: 45
Lake County, February 2014
Median price: $162,450
Median days to sell: 81
Units Sold: 54
Visit LCAOR online at www.lcaor.com/members/ .
Lake County's median real estate sales price rises in February
- Lake County News reports
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