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Report: Lake County's June and midyear real estate sales show continued growth
LAKEPORT, Calif. – The real estate picture in Lake County is continuing to improve, according to the latest report on home sales and inventory from the Lake County Association of Realtors.
LCAOR's monthly report showed that the median sales price of single family residences for Lake County moved up from $207,000 in May 2015 to $209,000 in June 2015.
LCAOR said the most surprising number was the number of sales in June, which rose to 109 units and marked the first time since May of 2012 that the number of sold units topped 100.
The month-to-month percentage increase was more than 50 percent when compared to the 72 unit sales in May 2015, based on the report.
Inventory levels dropped to four months of inventory for the first time since December of 2013, LCAOR reported.
A normal level of inventory in the real estate market is considered to be six months. LCAOR said that a four-month inventory indicates that if no new listings came on the market it would take that amount of time, four months, to sell all existing inventory.
“The association looked at sales over the last 18 months since January 2014 and the trends are on a steady rise,” said LCAOR President Yvette Sloan. “The median sales price for the first half of 2014 was $165,000 compared to $170,000 in the second half of the same year and $195,000 in the first half of 2015.”
Besides prices on the rise over the last 18 months the market also showed some gain in number of units sold. The first half of 2014 had 353 sales, the second half 379 and the first half of 2015 had 394.
Distressed sales, homes sold after foreclosure or for less than what was owed, continued to decline.
In the first half of 2014, 30.3 percent of the sales were distressed, in the second half of the year the percent dropped to 23 percent and in the first half of 2015 only 17.26 percent of the sales involved distressed properties, LCAOR reported.
Types of financing remained relatively the same for all three periods with cash only financing and conventional financing each ranging in the low to mid 30 percent of the deals.
FHA loan financing was the next highest percentage at approximately 13 percent of the transactions.
NUMBERS AT A GLANCE
Lake County – June 2015
• Median price: $209,000
• Median days to sell: 61
• Units Sold: 109
Lake County – May 2015
• Median price: $207,000
• Median days to sell: 67
• Units Sold: 72
Lake County – June 2014
• Median price: $185,500
• Median days to sell: 60
• Units Sold: 86
Lake County – January 2015 to June 2015
• Median Price : $195,000
• Median Days to Sell: 80
• Units Sold: 394
Lake County – July 2014 to December 2014
• Median Price : $170,000
• Median Days to Sell: 80
• Units Sold: 379
Lake County – Jan. 2014 to June 2014
• Median Price : $165,000
• Median Days to Sell: 72
• Units Sold: 353