Monday, 25 January 2021

Perry: Market Still Sluggish

Home sales decreased 25,7 percent in June in Lake County compared with the same period a year ago, while the median price of a home decreased 20.4 percent, according to information gathered from the Lake County Multiple Listing Service (MLS).

“Concerns about subprime lending will be with us well into next year, but improving economic conditions should bolster consumer confidence in the economy as we move through the second half of this year,” said California Association of Realtors (C.A.R.) President Colleen Badagliacco. “However, with prices holding steady or showing marginal declines in many parts of the state, affordability will continue to be a problem even with mortgage rates that remain near historic lows. In a competitive market with a wide range of properties for sale compared with a year ago, those homes that are in top shape and are well priced are in the best position to attract buyers in today’s market.”

Closed escrow sales of homes in Lake County totaled 75 in June, according to the MLS. Countywide home resale activity decreased 25.7 percent from the 101 sales pace recorded in June 2006.

The median price of a home in Lake County during June 2007 was $269,000, a 20.4 percent decrease over the $338,000 median for June 2006 the MLS reported. The June 2007 median price decreased 10 percent compared with May’s $299,000 median price.

When viewed by the quarter the median price of a home in Lake County actually increased 3.7 percent to $280,000 in the second quarter over the first quarters $270,000 however it has decreased 11.4 percent from the same period last year.

“The long expected spring rally just didn’t happen this year,” said Phil Smoley, owner broker of CPS Country Air Properties. “However homes that are priced to reflect the market trend are the ones that are selling,” he concluded.

“The decline in sales continues to be driven by both tighter underwriting standards since the start of the year and the adverse psychological impact of news regarding foreclosures and the subprime situation,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In particular, the lower end of the market – which is the part of the market that is most affected by the subprime situation – has seen greater declines in sales and weaker prices than the higher end of the market. This will likely be a recurring theme in the coming months.”

Highlights of Lake County’s housing figures for June 2007:

 

  • Lake County’s Unsold Inventory Index for homes in June 2007 was 18.6 months, compared with 13.4 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
  • Thirty-year fixed-mortgage interest rates averaged 6.67 percent during June 2007, compared with 6.6 percent in June 2006, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.65 percent in June 2007 compared with 5.63 percent in June 2006.
  • The median number of days it took to sell a single-family home was 139 days in June 2007, compared with 135 days for the same period a year ago.
If you are interested in selling your home and would like a market analysis, call Ray Perry at 707-277-9255 Ext 101
 No. of ListingsMedian List PriceAverage DOMNo. of SalesMedian Selling PriceAverage DOM to Sell
ANDERSON SPRINGS2$327,000122000
BLUE LAKES1$475,00060000
BUCKINGHAM19$695,0001131$1,150,50092
C.L. OAKS31$249,000864$220,250119
CLEARLAKE EAST76$238,7001298$223,000191
CLEARLAKE KEYS32$353,700121000
CLEARLAKE N/NW55$210,000864$165,000145
CLEARLAKE PARK59$249,0001392$237,50082
CLEARLAKE S/SW59$250,0001333$187,000130
CLR LK RIVIERA89$315,0001265$255,90098
COBB54$331,0001223$337,000162
FINLEY2$284,50093000
GLENHAVEN4$317,5001332$317,500275
HIDDEN VALLEY198$379,00013512$297,500106
JAGO BAY3$379,00063000
KELSEYVILLE38$399,0001283$386,000131
KONO TAYEE5$479,00044000
KONOCTI BAY1$898,500186000
LAKEPORT NORTH83$499,0001478$325,000110
LAKEPORT SOUTH30$416,625922$210,00079
LOCH LOMOND6$241,000158000
LOWER LAKE14$394,000941$540,000178
LUCERNE32$239,0001105$167,500121
MIDDLETOWN19$549,5001681$1,200,00069
NICE18$298,0001607$218,000127
PARADISE COVE5$985,000151000
PILLSBURY5$217,000109000
RIVIERA HEIGHTS23$375,0001611$425,000357
RIVIERA WEST20$444,0001551$409,000345
SCOTT VALLEY3$1,510,000131000
SODA BAY3$299,00042000
SPRING VALLEY15$319,0001381$250,000420
UPPER LAKE10$376,75071000
WINDFLOWER POINT2$1,872,500618000

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26Jan
01.26.2021 9:00 am - 12:00 pm
Board of Supervisors
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