LAKE COUNTY, Calif. – Lake County's real estate market had a strong year in 2016, according to the latest report from the Lake County Association of Realtors.
The association, or LCAOR, reported that the median sales price of single family residences for Lake County rose from $208,500 in 2015 to $235,000 in 2016, a 12.7 percent gain.
The number of units selling in 2016 decreased by 1.7 percent, going from 874 units in 2015 to 859 units in 2016, LCAOR said.
The report said the 2015 median sales price showed a 23.4-percent increase over the 2014 median of $169,000, suggesting that market gains are leveling off.
In 2006 the median sales price in Lake County peeked at $310,000 before falling to a low of $107,000 in 2011 during the great recession, LCAOR said. Since 2011 the median sales price has increased in each of the subsequent years.
Distressed property sales accounted for 10.6 percent of the 2016 sales, down from 14.6 percent of the sales in 2015, the association said. While this number has been on the decrease over the last few years 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.
On a year-to-year basis, financing of property sales remained relatively the same, according to the association.
In 2016, 30.5 percent of the sales were financed with cash and, in 2015, 32.2 percent of the transactions were cash financed, LCAOR reported.
LCAOR said conventional loans were used in 36.4 percent of the 2016 deals and 36.2 percent of the 2015 deals. FHA loan financing was used in 15.4 percent of the sales up from 11.4 percent in 2015.
Land sales in the county had a total dollar sales volume of $20.8 million on 310 sales, which the association said was up from 2015 land sales of $17.3 million and 233 sales.
Over the last 11 years, 2006 had the highest volume and number of sales, with $53.2 million and 563 sales recorded, the association said.
The dollar volume for reported commercial sales in 2016 was $18.6 million, up from $8.5 million in 2015. LCAOR said the number of sales in 2016 was 29 compared to 23 sales in 2015. There were six transactions that were above the $1M in 2016 compared to one in 2015.
LCAOR President Bobby Dutcher said 2016 was an excellent year for Lake County real estate values.
“The market performed well on all levels, residential, land and commercial. Lake County continues to offer a more relaxed lifestyle than many other areas in the state and that is attractive to potential buyers,” Dutcher said.
The California Association of Realtors is forecasting a 4.6-percent increase in the statewide median sales prices in 2017, which would be down from an estimated 6.2 percent gain in 2016.
The California housing market continues to be constrained by a number of factors most notably housing affordability and the lack of new housing starts, the association said.
LAKE COUNTY NUMBERS AT A GLANCE
Single family residential sales
Median price: $235,000
Median days to sell: 79
Units sold: 859
Single family residential sales 2015
Median price: $208,500
Median days to sell: 87
Units sold: 874
Land sales
Sales dollar volume: $20.8 million
Median days to sell: 111
Units sold: 310
Land sales
Sales dollar volume: $17.3 million
Median days to sell: 146
Units sold: 233
Commercial sales
Sales dollar volume: $18.6 million
Median days to sell: 241
Units sold: 29
Commercial sales 2015
Sales dollar volume: $8.5 million
Median days to sell: 183
Units sold: 23
Report: Lake County's real estate market shows significant gains in 2016
- Lake County News reports
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