LAKE COUNTY, Calif. – The latest report on Lake County’s real estate market show a big jump in overall sales in March, while sale prices rolled slightly back.
The Lake County Association of Realtors, or LCAOR, reported that the number of single family residence sales increased in March by 51 percent over February sales. In March there were 71 sales compared to 47 in February.
The March median sales price was $210,000 which was 6.67 percent less than the February median of $225,000, LCAOR said.
On a year-over-year basis, March 2017 sales were 15.5 percent lower than March 2016 sales, 71 versus 84, and the March 2017 median was 12.3 percent less than the March 2016 median, $210,000 versus $239,450, according to the report.
Statewide, March sales gained 4.0 percent over February sales and 6.9 percent over March 2016. The California Association of Realtors, or CAR, reported that there were 416,580 sales in March.
Pricing also increased statewide with the March reported median of $517,020 coming in at 8 percent above the February median and 6.8 percent over the March 2016 median, CAR reported.
“The slowing of price increases was welcome news for Lake County property buyers,” said LCAOR President Bobby Dutcher. “With statewide pricing on the rise it is hard to say how long our local pricing will buck the overall trend.”
Locally, cash-only financing accounted for 29.6 percent of the sales, which was up from 21.3 percent in February and close to the same in March 2016 when 28.6 percent of the transactions used cash financing.
Conventional loans were used 35.2 percent of the transactions and FHA loans accounted for another 16.9 percent of the financing.
Distressed sales made up nearly 10 percent of the sales with this percentage, continuing to be the “norm” for Lake County. During the great recession distressed sales accounted for up to 70 percent of the sales.
Mortgage rates have risen since last fall. The 30-year, fixed-mortgage interest rate averaged 4.20 percent in March, up from 4.17 percent in February and up from 3.69 percent in March 2016, according to Freddie Mac.
The five-year, adjustable-rate mortgage interest rates dipped in March to an average of 3.21 percent, from 3.20 percent in February and 2.90 percent in March 2016.
LAKE COUNTY NUMBERS AT A GLANCE
March 2017
Median price: $210,000
Median days to sell: 57
Units sold: 71
February 2017
Median price: $225,000
Median days to sell: 55
Units sold: 47
March 2016
Median price: $239,450
Median days to sell: 76
Units sold: 84
Real estate sales pick up in March, prices show slight drop
- Lake County News reports
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