LAKE COUNTY, Calif. – This fall Lake County’s real estate market continued to make gains over last year while showing a median price decrease.
The Lake County Association of Realtors reported that the median sales prices for October and November pulled back from the September median sales price of $281,500.
The October median was $259,000 and the November median came in at $255,000.
On a year-to-year basis the 2018 October median was 3.6 percent greater than the October 2017 median, and the 2018 November median was up 2 percent over November of 2017.
In October 2018 there were 71 sales and in November the number of sales was 61. On a year-to-year comparison October sales were up 2.9 percent over the 2017 sales and November sales down by 21.8 percent.
“The trends that we are seeing in Lake County are similar to what economists are predicting for the 2019 California real estate market,” commented Mary Benson, LCAOR’s 2019 president. “If predictions hold true, we will see a slowing of price increases in 2019 along with a slight decrease in the number of sales.”
For the two months conventional loans accounted for 43 percent of the sales, with FHA loans being used in 20.5 percent of the transactions and VA loans being utilized in 3.1 percent of the deals. Cash was used to finance 23.9 percent of the sales.
On a statewide level the California Association of Realtors reported that existing, single-family home sales totaled 381,400 in November on a seasonally adjusted annualized rate, down 3.9 percent from October and down 13.4 percent from November 2017.
November’s median home price for the state was $554,760, down 3.0 percent from October but up 1.5 percent from November 2017.
The statewide Unsold Inventory Index was 3.7 months in November. In Lake County inventory levels were at 6.2 months.
Affordability continues to be a challenge in California with 26 percent of the state’s residents being able to purchase a median price home.
The California Association of Realtors reported 37 percent of Lake County residents could afford a median priced Lake County home and nationwide 53 percent of residents could afford the national median priced home.
The 30-year, fixed-mortgage interest rates averaged 4.87 percent in November, up from 3.92 percent in November 2017, according to Freddie Mac.
The five-year, adjustable mortgage interest rate edged higher in November to an average of 4.11 percent up from 3.24 percent in November 2017.
LAKE COUNTY NUMBERS AT A GLANCE
November 2018
Median price: $255,000
Units sold: 61
Median days to sell: 60
October 2018
Median price: $259,000
Units sold: 71
Median days to sell: 51
November 2017
Median price: $249,950
Units sold: 78
Median days to sell: 54
Lake County’s real estate market eases up in October and November
- Lake County News reports
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