LAKE COUNTY, Calif. — The Lake County Association of Realtors’ latest report on home sales shows drops both in numbers of homes sold and overall pricing in September.
Over the month of September, the total homes sold through the multiple listing service totaled 94, compared to 99 during the same time last year.
The homes sold include traditionally built “stick-built” houses as well as manufactured homes on land.
There were five sales of mobile homes in parks compared to six for the same time last year, and 27 bare land — lots and acreage — sales, compared with 38 for the same time last year.
Total percentage of homes bought for all cash in September was 34%, compared to 23% for the same time last year.
Of those, 36% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 55% for the same time last year; 20% were financed by FHA (same as last year this time); and 3% were financed by the VA or CalVet (unchanged from this time last year); 6% had other financing such as private loans or seller financed notes (compared to 9% last year at this time).
There are 416 homes on the market right now. If the rate of sales stays the same at 94 homes sold per month, there are 4.4 months of inventory on the market at the moment compared to 5.2 months of inventory a month ago. That means that if no new homes are brought to the market for sale, in 4.4 months all of these homes would be sold and there would be none available.
Less than six months of inventory is generally considered to be a “sellers’ market” while more than six months of inventory is often called a “buyers’ market.”
The inventory had been growing steadily from March through August, but last month stopped that trend.
Most homes were selling very close to the asking price, at an average of 96% of the asking price.
This is in contrast to other areas, where homes sell for more than the asking price.
The median time on the market last month was 32 days, compared to 20 days for this time last year.
The median sale price of a single family home in Lake County over the last 30 days was $282,500, a drop from last month’s $300,000, and lower than $350,000 during this time period last year.
In the past 30 days, 33% of homes sold had seller concessions for an average of $8,201; a year ago, 24% of homes sold had an average seller concession of $5,991.
A more detailed breakdown by the different areas is below.
Home sales and prices down in September
- Lake County Association of Realtors