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Report: Lake County’s real estate market rebounds in March
The Lake County Association of Realtors reported that the March median sales price for single family residences increased by more than 19 percent when compared to the February median.
The March median was $279,500 and the February median $234,000. On a year-to-year basis, the increase was 33 percent over the March 2017 median of $210,000, LCAOR said.
Month to month, March’s sales of 66 residences exceeded the 51 February sales by more than 29 percent. LCAOR said March 2017 recorded 71 sales, making the number of March 2018 sales 7 percent less than the previous year.
“The market is starting to move into the busy season and the March activity supports that,” said LCAOR Melissa Chapman. “On April 21st several members and agencies are planning open houses and interested parties should check our website at www.lakecountyopenhouses.com to find out what is available for viewing.”
Inventory levels remained in the five-month range which means if no additional properties were put on the market it would take five months to sell the existing inventory at the current rate of sales.
This is significantly different from neighboring counties, with the California Association of Realtors reporting a 4.1 inventory level in Napa, and a 2.9 month level in Sonoma. The statewide inventory level was reported at 2.9 months.
Conventional loan financing was used in 53% of the transactions with FHA loans being used in 9.1 percent of the overall deals. Cash financing was used in 21.2 percent of the sales.
The California Association of Realtors reported existing, single-family home sales in California totaled 423,990 in March on a seasonally adjusted annualized rate, up 0.3 percent from February and up 1.6 percent from March 2017.
March’s statewide median home price was $564,830, up 8.1 percent from February and up 8.9 percent from March 2017.
Mortgage rates have been on the rise since breaking the 4.0-percent barrier in February. The 30-year, fixed-mortgage interest rates averaged 4.44 percent in March, up from 4.33 percent in February and from 4.20 percent in March 2017, according to Freddie Mac.
The five-year, adjustable mortgage interest rate also edged higher in March, to an average of 3.65 percent from 3.60 percent in February and from 3.21 percent in March 2017, Freddie Mac reported.
LAKE COUNTY NUMBERS AT A GLANCE
March 2018
Median price: $279,500
Units sold: 66
Median days to sell: 42
February 2018
Median price: $234,000
Units sold: 51
Median days to sell: 37
March 2017
Median price: $210,000
Units sold: 71
Median days to sell: 57