LAKE COUNTY, Calif. — The report on February real estate sales from the Lake County Association of Realtors shows that median prices and sales numbers are remaining strong across the county.
A total of 68 homes were sold through the multiple listing service in February. These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were seven sales of mobile homes in parks and 60 bare land (lots and acreage) sales, the report showed.
Of the homes sold, 28% were purchased for cash while 41% were financed by Fannie Mae or Freddie Mac through “conventional loans.” Thirteen percent were financed by FHA.
Almost one-third (31%) of homes sold with a seller concession to the buyer for closing costs; the average amount of seller credit to buyer was $6,800.
There are 197 homes on the market right now. If the rate of sales stays the same at 68 homes sold per month, there are currently 2.9 months of inventory on the market at the moment. That means that if no new homes are brought to the market for sale, in 2.9 months all of these homes would be sold and there would be none available, the association reported.
Less than six months of inventory is generally considered to be a “sellers’ market” while more than 6 months of inventory is often called a “buyers’ market,” the report explained.
The report said most homes in February were selling very close to the asking price.
In Clearlake the homes were selling for 101% of the asking price.
To break it down by area, see the comparison chart below of activity for February compared to the same time in 2021.
The association said that the numbers are quite small, so it is difficult to make assumptions based on them.
Realtors’ report: Lake County is a sellers’ market
- Lake County Association of Realtors
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