- Tama Prokopowich
- Posted On
Strong real estate market continues in Lake County
LAKE COUNTY, Calif. — Looking at the real estate market for March of 2021 versus March of 2020 is revealing as last year in March the pandemic was just beginning to affect the community.
The market continues to be fantastic for sellers, which can be frustrating for buyers. Spring is traditionally the time when more homes come on the market. As we enter spring, we will see if
inventory goes up.
There are some interesting statistics that offer us a snapshot of the Lake County real estate market in March 2020 versus March 2021.
First, let’s look at active listings.
Active listings throughout the county were 128 for March 2021 which is down 52.8% over March 2020.
The breakdown of active listings by community in March, compared to last year, is as follows:
— Lakeport: 23 active listings, up 27.8% over the previous year.
— Kelseyville: 22 active listings, down 62.1%.
— Hidden Valley Lake: 9 active listings, down 82.7% from March 2020.
— Clearlake: 25 active listings, down 50%.
Existing home sales throughout the county totaled 73 homes for March 2021, up 4.3% from March 2020. That breaks down as follows:
— Lakeport: 12 existing home sales, up 9.1% over the previous year.
— Kelseyville: 16 home sales, down 20%;
— Hidden Valley Lake: 13 home sales, up 30%.
— Clearlake: 12 home sales, no change from March 2020.
The existing home median price throughout Lake County for March 2021 was $333,000, up 20.9% over March 2020. Those prices by community compared to the previous year are:
— Lakeport: $353,000, down 15.2% from March 2020; it’s important to remember inventory was up for March 2021.
— Kelseyville: $385,000, up 36.3%.
— Hidden Valley Lake: $362,000, up 25.9%.
— Clearlake: $204,000, up 6.3%.
The median number days on market in March 2021 across Lake County totaled 19, showing homes are selling quickly throughout the county.
In Clearlake, median days on the market totaled 34; followed by Hidden Valley Lake, 16; Lakeport, 13; and Kelseyville, eight.
The sales list to price in the county in March 2021 was 98.5%, indicating that homes are selling very close to list price throughout the county.
In Hidden Valley Lake, 100% of homes are selling at sales list to price, followed by 99.3% in Clearlake, 98.8% in Kelseyville and 98.6% in Lakeport.
As for active listings that had price reductions across Lake County in March, 27.3% were reduced, showing that even with quick sales and homes selling close to asking price, if priced too high, price reductions are needed.
In Lakeport for March 2021, 39.1% of active listings had price reductions, while Kelseyville had 31.8%, Clearlake had 16% and Hidden Valley Lake had 11.1%.
It will be interesting to see what the market brings us in the months ahead.
Tama Prokopowich is president-elect of the Lake County Association of Realtors.