LCAOR said that the median days to sell a single family residence in Lake County fell to just 36 days in May.

Overall there were 94 sales for the month of May and half of them sold after being on the market for 36 days or less, LCAOR said.

The year-to-date median days to sell is 51, by far the lowest number of days to sell in the last 10 years, according to the report.

LCAOR said the May median sales price was $237,5000, up from April’s median of $235,000 accounting for a 1-percent gain in sales price and nearly the same as the May 2016 median sales price of $236,500.

A total of 94 homes sold in May, up 16.05 percent over April’s total of 81 and exceeding May 2016 totals of 66 homes by over 42 percent, LCAOR reported.

Inventory levels were at 5.3 months meaning that if no additional properties came on the market it would take that long to sell the existing inventory at the current rate.

“Not every seller can expect their property to move quickly,” said LCAOR President Bobby Dutcher. “A number of factors will determine how fast a property moves including location, condition of the property and proper pricing, something a Realtor can be very helpful in determining.”

A number of financing options were utilized by buyers in May. LCAOR said conventional loans were used in nearly 29 percent of the sales, FHA loans in 17 percent and VA loans in 13 percent. Cash financing accounted for 21 percent of the deals.

The California Association of Realtors, or CAR, reported that statewide sales in May totaled 430,060, up 5.4 percent from April and 2.6 percent from May 2016. May’s statewide median sales price was $550,200, up 2.3 percent from April and up 5.8 percent from May 2016.

Mortgage rates continued to dip lower since early this year.

The 30-year, fixed-mortgage interest rate averaged 4.01 percent in May, down from 4.05 percent in April but up from 3.6 percent in May 2016, according to Freddie Mac. 

At the same time, Freddie Mac said the five-year, adjustable-rate mortgage interest rates dipped in May to an average of 3.12 percent, down from 3.15 percent in April but up from 2.81 percent in May 2016.

LAKE COUNTY NUMBERS AT A GLANCE

May 2017 

• Median price: $237,500

• Median days to sell: 36

• Units sold: 94

April 2017

• Median price: $235,000

• Median days to sell: 57

• Units sold: 81

May 2016

• Median price: $236,500

• Median days to sell: 77

• Units sold: 66