LAKE COUNTY – Home sales decreased 29.3 percent in March in Lake County compared with the same period a year ago, while the median price of an existing home increased 14.4 percent according to information gathered by the Lake County Multiple Listing Service (MLS)

Caution must be exercised in being too optimistic concerning house values and what homes will sell for. With the news of sub prime lenders going bankrupt and the prediction of massive foreclosures on the horizon, property values may indeed go down rather than increase.

Delaying the sale of your property may not be the wise thing to do if property values are on a downward momentum.

"Sales in March were at their highest level in four months," said Phil Smoley, owner/broker of CPS Country Air Properties.

"Next few month's reports could tell a different story since sales last year peaked in June,” said Smoley. “Looking forward, we are likely to see smaller year-to-year declines as we enter the traditional buying season. Homes that are well-maintained and priced to reflect the realities of today's market will continue to sell."

Closed escrow sales of homes in Lake County totaled 65 in March according to information collected from the MLS. Countywide home resale activity decreased 29.3 percent from the 92 sales pace recorded in March 2006.

The median price of a home in Lake County during March 2007 was $305,000, a 14.4-percent increase over the $266,500 median for March 2006, the MLS. reported.

The March 2007 median price increased 10.9 percent compared with February's $275,000 median price.

Countywide, the number of homes for sale increased slightly in March. The unsold inventory stood at 18 months in March, compared with 22 months in February.

The average number of days it took for the homes that did sell was 156 days in March 2007, compared with 145 days (revised) for the same period a year ago.

Activity for March

Area                     Sales             Median Price Average                 Days on Market

Buckingham             1                     $768,000                                         51

Clr Lk Riviera           6                     $287,500                                         180

Cobb                        5                     $325,000                                         231

Hidden Valley          8                    $404,900                                         209

Kelseyville               4                     $282,500                                         138

Lakeport North         8                     $361,500                                         167

Lakeport South         3                     $482,500                                         48

Riviera Heights       1                     $241,000                                         46

Riviera West            0

Soda Bay                 0

Realtor Ray Perry is a member of the CPS/Country Air Kelseyville office. Visit his Web site at www.rayperry.com for more information about local real estate.

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