- Lake County News reports
- Posted On
Realtors association reports improved sales prices in May
LAKE COUNTY, Calif. – The Lake County Association of Realtors had good news to report for the month of May, as the local real estate market continues its post-recession recovery.
LCAOR reported that the median sales price of single family residences for Lake County moved up from $199,765 in April 2015 to $207,000 in May.
The May 2015 median price was nearly 24 percent above the May 2014 median price, which was $167,295, according to the report.
The first five months of 2015 showed an 18.75-percent gain in median sales price when compared to the first five months of 2014, LCAOR said.
At the same time, LCAOR said the number of units sold for the same time periods was up by 6.74 percent in 2015.
Seventy two units sold in May which was equivalent to the 72 units that sold in April. LCAOR said inventory levels remained close to six months at 6.49 months of inventory.
In May of 2014 the inventory levels were slightly higher at 7.29 months. Six months of inventory is considered “normal” and indicates how long it would take to sell the existing inventory if no new listings were added to the market, the association reported.
“Sales have been good throughout the county,” said LCAOR’s 2015 President Yvette Sloan. “Year to date there has been 60 sales in Hidden Valley Lake, 46 sales in Clearlake, 32 in Lakeport and 30 in Clear Lake Riviera.”
Distressed sales – homes sold after foreclosure or for less than what was owed – continued to decline on a year-to-year basis, LCAOR said.
In May 2015, 13.9 percent of the sales were considered distressed compared to 30.7 percent of the sales in May 2014, LCAOR said. Standard sales, those homes being sold for more than what was owed made up 88.33 percent of the sales.
Cash sales continue to play a significant role in the purchasing of properties with 38.9 percent of the sales being purchased with cash. LCAOR said conventional loans accounted for 28.2 percent of the transactions.
Mortgage rates increased in May, with the 30-year, fixed-mortgage interest rate averaging 3.84 percent, up from 3.67 percent in April but down from 4.19 percent in May 2014, according to Freddie Mac.
Adjustable-mortgage interest rates edged up in May, averaging 2.49 percent, up slightly from 2.46 in April and 2.43 percent in May 2014, the association reported.
NUMBERS AT A GLANCE
Lake County – May 2015
Median price: $207,000
Median days to sell: 67
Units Sold: 72
Lake County – April 2015
Median price: $199,765
Median days to sell: 81
Units Sold: 72
Lake County – May 2014
Median price: $167,295
Median days to sell: 79
Units sold: 62
California – May 2015
Statewide median price: $485,830
Los Angeles Metro Median Price: $440,050
San Francisco Bay Area Median Price: $846,900