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Report: Lake County real estate prices pull back in February
LAKE COUNTY, Calif. – Home sale prices in February edged down, but the number of sales was up, according to a new report from the Lake County Association of Realtors.
LCAOR reported that the February median sales price of single family residences in Lake County pulled back by 18.24 percent when compared to the January 2016 median sales price.
The number of sales increased by 8 percent, rising from 50 sales in January to 54 sales in February, the association reported.
On a year-over-year basis, the number of sales increased 25.6 percent, going from 43 in February 2015 to the 54 sales in February 2016, according to the report.
The February 2016 median price of $190,000 increased 5.6 percent over the February 2015 median sales price of $180,000, LCAOR said.
“Even though the month to month median price went down the real estate market has been very active especially for this time of year,” said 2016 LCAOR President Erin Woodward. “As inventories tighten and prices increase in surrounding counties more buyers will consider opportunities in Lake County.”
LCAOR said ash sales financed 44.44 percent of the February transactions. The trend for cash sales has been in the low 30 percent range for some time.
Conventional loan financing made up 27.8 percent of the deals and FHA financing accounted for another 11.11 percent of the month’s sales, according to the report.
Distressed property sales jumped to 18.5 percent of the sales after falling to 8 percent in January. A number of different types of sales make up distressed properties including auction sales, real estate owned (foreclosed properties) and short sales, LCAOR said.
On a statewide basis the California Association of Realtors (CAR) reported that existing, single family home sales totaled 393,360 in February, up 2.8 percent from January 2016 and 6.4 percent above February 2015.
The median sales price was $446,460, down 4.7 percent from January 2016 and up 3.8 percent from February 2015, CAR reported.
With regards to the statewide market CAR Vice President and Chief Economist Leslie Appleton-Young stated, “February’s home price increase was the slowest rate of growth in six months, reflecting a shift in sales toward lower-priced, inland areas as buyers feeling the affordability crunch and tight supplies move away from urban cores to find affordable housing. Home buyers in the Bay Area are seeking to buy in Contra Costa, Solano, or Sonoma counties, rather than San Francisco, and Southern California home buyers are moving inland to Riverside, San Bernardino, or Central Valley areas, where housing inventory is more abundant and affordable.”
LAKE COUNTY NUMBERS AT A GLANCE
February 2016
Median price: $190,000
Median days to sell: 81
Units sold: 54
January 2016
Median price: $232,500
Median days to sell: 78
Units Sold: 50
February 2015
Median price: $180,000
Median days to sell: 118
Units sold: 43