LAKE COUNTY, Calif. — The latest report from the Lake County Association of Realtors shows the number of sales over the last month down slightly while inventory is rising.
For the period of April 23 to May 23, the total number of homes sold through the multiple listing service was 101, compared to 117 the previous month and 68 sales the month before that.
These include traditionally built “stick-built” houses as well as manufactured homes on land.
There were eight sales of mobile homes in parks, compared to seven the previous month, and 32 bare land (lots and acreage) sales, compared with 31 the month before.
Total percentage of homes bought for all cash was 23%, compared to 36% the previous month, while 43% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 32% last month. Another 15% were financed by FHA, compared to 20% the previous month.
There are 325 stick-built and manufactured homes on land currently on the market, compared to 281 the previous month and 197 the month before that. Inventory is rising.
If the rate of sales stays the same at 101 homes sold per month, there are currently 3.1 months of inventory on the market at the moment. That means that if no new homes are brought to the market for sale, in 3.1 months all of these homes would be sold and there would be none available.
Less than 6 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 month previous there were 2.4 months of inventory, so the number of homes on the market is definitely increasing, the association reported.
The median time on the market last month was 23 days, up from 14 days the previous month. The median price of a single family home in Lake County over the last 30 days was $359,000.
Twenty five percent of homes sold with a seller concession to the buyer for closing costs; the average amount of seller credit to buyer was $8,219.