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Report: Residential real estate sales stay steady in November; commercial sales up this year
LAKEPORT, Calif. – The Lake County Association of Realtors, or LCAOR, reported that the November median sales price and number of sales for single family residences remained steady when compared to October 2016 sales.
The median sales price in November was $255,000, down by 1.9 percent from the October median of $260,000, the association reported. The median sales price year to date, as of Dec. 21, is $237,000.
The number of sales in November was 70 which was 6.7 percent less than the 75 sales reported in October, LCAOR's report said.
On a year-over-year basis, the November 2016 median sales price of $255,000 was up from $252,250 in November 2015. LCAOR said the number of sales was down by 18.6 percent. In November 2015 there were 86 sales compared to the 70 in November 2016.
“Aside from residential sales we have seen an increase in commercial sales in the county,” said newly install 2017 LCAOR President Bobby Dutcher. “The year-to-date dollar volume for commercial sales is $14.2 million and that is up from the $8.5 million in 2015 and $11.8 million in 2014. The three years prior to 2014 averaged $5 million in commercial sales.”
Cash only sales made up 26.7 percent of the financing for residential sales while loan financing accounted for over 64 percent of the sales.
Ten percent of the residential sales could be attributed to distressed property sales, properties that were sold after a foreclosure.
Recently the Fed raised interest rates by 0.25 percent and this will effect mortgage rates for prospective buyers. It is also likely to increase payments on homes that currently have a variable interest rate.
According to NerdWallet interest rates have risen 0.50 percent since the election, but at slightly over 4.0 percent interest rates are still well below 44-year historical average of 8.0 percent.
LAKE COUNTY NUMBERS AT A GLANCE
November 2016
Median price: $255,000
Median days to sell: 82
Units sold: 70
October 2016
Median price: $260,000
Median days to sell: 69
Units sold: 75
November 2015
Median price: $252,250
Median days to sell: 107
Units sold: 86