LAKE COUNTY, Calif. – One of the key economic indicators in Lake County – real estate values – showed a big improvement in 2015, according to the Lake County Association of Realtors.
LCAOR reported that the median sales price of single family residences for Lake County rose from $169,000 in 2014 to $208,500 for 2015, a 23.4-percent increase.
The number of units selling in 2015 increased by 19.4 percent, rising from 732 units in 2014 to 874 units in 2015, the association reported.
In 2006 the median sales price in Lake County peaked at $310,000 before falling to a low of $107,000 in 2011 during the great recession, according to the report.
Since 2011, the median sales price has increased in each of the subsequent years, LCAOR said.
Distressed property sales accounted for 14.65 percent of the 2015 sales, which LCAOR said is down from 26.4 percent of the sales in 2014.
While this number has been on the decrease over the last few years, LCAOR said the percentage is still high when compared to the statewide median.
In 2011 more than 72 percent of the single family residential sales were considered distressed, the association said.
On a year-to-year basis, financing of property sales remained relatively the same. In 2015 32.2 percent of the sales were financed with cash; in 2014, 32.4 percent of the transactions were cash financed, LCAOR said.
Conventional loans were used in 36.2 percent of the 2015 deals and 35 percent of the 2014 deals. FHA loan financing dropped from 12.7 percent of the transactions in 2014 to 11.4 percent in 2015, according to the report.
LCAOR said land sales in the county had a total dollar sales volume of $18.5 million on 235 sales. This was up from 2014 land sales of $14.3 million and 221 sales.
Of the last 10 years, the year that had the highest volume and number of sales was 2006, when $53.2 million was the dollar volume and 563 sales were recorded, LCAOR said.
The dollar volume for reported commercial sales was $8.5 million, down from $11.8 million in 2014. The number of sales in 2015 was 23 compared to 21 sales in 2014.
One sale was at the $1,000,000 mark in 2015, LCAOR reported.
LCAOR President Erin Woodward said 2015 was an excellent year for Lake County real estate values.
“Statewide inventories have been tight and housing affordability continues to be a concern,” Woodward said. “This normally bodes well for the Lake County market as buyers seek more affordable solutions.”
NUMBERS AT A GLANCE
Lake County – 2015
Median price: $208,500
Median days to sell: 87
Units sold: 874
Lake County – 2014
Median price: $169,000
Median days to sell: 76
Units sold: 732
Lake County – land sales 2015
Sales dollar volume: $18.5 million
Median days to sell: 142
Units sold: 235
Lake County – land sales 2014
Sales dollar volume: $14.3 million
Median days to sell: 102
Units sold: 221
Report: 2015 real estate market shows significant gains
- Lake County News reports
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