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Report: Real estate prices up, sales down in first half of 2016
LAKEPORT, Calif. – The first half of 2016 has registered strong real estate prices, while the number of sales is down, according to a new report.
The Lake County Association of Realtors reported that the median sales price for single family residential sales for the first six months of 2016 were up 7.5 percent over like sales in the last six months of 2015.
The median sales price for January through June of 2016 was $234,950 compared to a median of $218,500 for July through December of 2015.
The number of sales were down by 17.1 percent when comparing the two time periods.
In the last half of 2015 there were 480 sales versus 398 sales in the first half of 2016. On a year-over-year basis, the first half of 2016 compared to first half of 2015, the number of sales were virtually the same.
There was a 20.5-percent increase in the median sales price when comparing the first half of 2016 to the first half of 2015. The median sales price was $234,950 in 2016 versus a median of $195,000 in 2015.
“After significant gains in pricing and number of sales in the last half of 2015 the market appears to be stabilizing,” said 2016 LCAOR President Erin Woodward. “The last three months of 2015 were much stronger than anticipated and that momentum has carried into 2016 on a more gradual basis.”
The median days on market in the first half of 2016 was 74, down from 91 in the last half of 2015 and also down from 80 days in the first half of 2015.
Financing remained similar between the three periods. Each period reported 32 percent of the deals being financed with cash, between 33.5 and 38.3 percent of the transactions being financed with conventional loans and 10.4 to 15.1 percent using FHA loans.
Other forms of financing were VA loans (7.1 percent in 1H2015, 3.5 percent in 2H2015 and 6 percent in 1H2016) and USDA loans (4.1 percent in 1H2015, 5.8 percent in 2H2015 and 1.5 percent in 1H2016).
The percentage of distressed sales, homes sold for less than what was owed or homes that were foreclosed on, continued to decline from one period to the next.
In the first half of 2015 17.3 percent of the sales were distressed, 12.3 percent in the second half of 2015 and 11.6 percent in the first half of 2016.
LAKE COUNTY NUMBERS AT A GLANCE
January through June 2016
Median price: $234,950
Median days to sell: 74
Units sold: 398
July through December 2015
Median price: $218,500
Median days to sell: 91
Units sold: 480
January through June 2015
Median price: $195,000
Median days to sell: 80
Units sold: 394