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Report: February real estate sales prices ease off; year-over sales show increase
The Lake County Association of Realtors reported that the February median sales price for single family residences in Lake County decreased by 13.8 percent when compared to the January median.
“January’s median of $271,450 was the highest median sales price reported in over 10 years so some pull back is not unexpected,” commented 2018 LCAOR President Melissa Chapman. “Early indicators in March have shown an uptick in buyer activity and we hope that translates into closed sales.”
The February median was $234,000 with 51 sales being reported. The 51 sales were one less than the 52 sales reported in January.
On a year-over-year basis, 2018 February sales exceeded 2017 February sales by 8.5 percent. The number of sales in February 2017 were 47.
The 2018 February median sales price of $234,000 was 4 percent higher than the 2017 February median sales price of $225,000.
Conventional loan financing was used in 47.1 percent of the transactions with FHA loans being used in 11.8 percent of the overall deals. In February of 2017 conventional loans were used in 36.2 percent of the reported sales.
Cash financing was used in 27.5 percent of the sales, up from 15.4 percent in January 2018 and up from 21.3 percent in February of 2017.
The California Association of Realtors, or CAR, reported existing, single-family home sales in California totaled 422,910 in February on a seasonally adjusted annualized rate, up 3.3 percent from January and up 5.4 percent from February 2017.
February’s statewide median home price was $522,400, down 1 percent from January and up 8.8 percent from February 2017.
With single family home pricing raising rapidly throughout the state buyers have increasingly turned to condominiums driving their median price to a new record high.
Mortgage rates have been on the rise since breaking the 4 percent barrier in January.
The 30-year, fixed-mortgage interest rates averaged 4.33 percent in February, up from 4.03 percent in January and from 4.17 percent in February 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also edged higher in February to an average of 3.60 percent from 3.47 percent in January and from 3.24 percent in February 2017.
LAKE COUNTY NUMBERS AT A GLANCE
February 2018
Median price: $234,000
Units sold: 51
Median days to sell: 37
January 2018
Median price: $271,450
Units sold: 52
Median days to sell: 58
February 2017
Median price: $225,000
Units sold: 47
Median days to sell: 55