LAKE COUNTY, Calif. – A new report from the Lake County Association of Realtors, or LCAOR, says that the median sales price for single family residences in 2018 rose by 10 percent over the 2017 median.
The 2018 median price was $262,200 compared to $242,000 in 2017, the report showed.
While prices increased, the total number of sales decreased by 8.4 percent. The association said there were 851 sales reported in 2018 and 929 sales in 2017.
For all property types, including land, the total dollar volume of sales was $343.5 million, compared to the 2017 volume of $334.5 million, LCAOR said.
LCAOR said the total volume sold for just single family residences remained virtually the same – $248.5 million in 2018 and $248.9 million in 2017.
“In addition to the sale of single family residences, often called stick built homes, the Lake County real estate market also includes manufactured homes,” said Mary Benson, LCAOR’s 2019 president. “In most years this class of home will make up 20 percent of the overall residential sales and this year was no different with a total of 210 homes selling.”
The makeup of financing remained relatively the same between the two years, LCAOR said. Cash sales accounted for 23.6 percent of the 2018 financing and 25.4 percent in 2017. Conventional loans rose to 43.4 percent compared to 37.2 percent in 2017. FHA loans in 2018 were used in 15.9 percent of transactions in 2018 and 16.6 percent in 2017.
On a statewide level the California Association of Realtors, or CAR, reported that existing, single-family home sales totaled 372,260 in December on a seasonally adjusted annualized rate, down 2.4 percent from November and down 11.6 percent from December 2017.
December’s median home price for the state was $557,600, up 0.5 percent from November and up 1.5 percent from December 2017, LCAOR reported.
The statewide Unsold Inventory Index was 3.5 months in December. In Lake County, LCAOR said inventory levels were at 5.6 months. The industry norm is considered six to seven months.
The 30-year, fixed-mortgage interest rates averaged 4.45 percent for the week of Jan 17, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 3.88 percent for the same period.
During the week of Nov. 15, 2018, both fixed-mortgage rates and five-year adjustable interest rates peaked at 4.94 percent and 4.14 percent, respectively, LCAOR said.
NUMBERS AT A GLANCE
2018
Median price: $262,200
Units sold: 851
Median days to sell: 47
2017
Median price: $242,000
Units sold: 929
Median days to sell: 43
Report: 2018 real estate prices up 10 percent over 2017, total sales show modest drop
- Lake County News reports
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