- LAKE COUNTY NEWS REPORTS
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Report: 2017 real estate sales top 2016
The 2017 median sales price was $242,000 topping the 2016 median sales price of $235,000 by 3.0 percent, the report said.
The association said the number of single-family homes sold in 2017 was 929 versus 861 in 2016, accounting for a 7.9-percent increase.
LCAOR President Melissa Chapman said 2017 was a solid year for real estate sales in Lake County
“While prices increased they did so at a moderate pace, helping to keep Lake County an affordable place to call home,” she said.
Lake County financing characteristics showed some changes between 2017 and 2016.
Cash financing dropped from being used in 30 percent of the deals to 25 percent. Conversely loan financing rose from being used in 62 percent of the 2016 transactions to 70 percent in 2017, according to the report.
The report also showed that distressed sales fell from 10.5 percent in 2016 to 6.9 percent in 2017.
Preliminarily, the California Association of Realtors, or CAR, reported that 423,760 single family residences sold statewide in 2017, up 1.4 percent over 2016’s pace of 417,720 homes.
The 2017 statewide median was $537,860 up 6.9 percent over the 2016 median of $503,143.
Mortgage rates edged higher in December as 30-year, fixed-mortgage interest rates averaged 3.95 percent in December, up from 3.92 percent in November and from 4.2 percent in December 2016, according to Freddie Mac.
The five-year, adjustable mortgage interest rate also ticked higher in December to an average of 3.39 percent from 3.24 percent in November and from 3.23 percent in December 2016.
NUMBERS AT A GLANCE
Lake County – 2017
Median price: $242,000
Median days to sell: 43
Units sold: 929
Lake County – 2016
Median price: $235,000
Median days to sell: 79
Units sold: 861