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January Median Sales Price Rises as Number of Sales Slows
LAKEPORT (Feb 18) – The Lake County Association of Realtors® (LCAOR) reported that the January median sales price of single family residences in Lake County rose 7.6% over like sales in December 2015. The January median sales price was $232,500 compared to $216,000 in December. The number of sales in January was 50 which was a 46.2% decrease from the 93 sales in December.
“It is not uncommon to see the number of sales dip in January,” commented Erin Woodward, 2016 LCAOR President. “People tend to be preoccupied with other matters in December and that is reflected in the January numbers. The fact that the median price increased over December’s has also been a pattern we have seen over the last few years.”
On a year over year basis, the number of sales increased 11% going from 45 in January 2015 to the 50 sales in January 2016. The January 2016 median price of $232,500 increased 46% over the January 2015 median sales price of $159,000.
Sales financed by cash accounted for 32% of the transactions which was up from 25.58% of the sales in December and virtually the same when compared to January 2015 sales. Conventional loans made up 36% of the sales, down from 53.5% of the sales in December 2015. However, FHA financed sales rose to 18% of the sales after financing 10.5% of the December sales.
On a statewide basis the California Association of Realtors (CAR) reported that existing, single family home sales totaled 383,670 in January, down 5.4% from December 2015 and up 8.8% from January 2015. The median sales price was $468,330 down 4.3% from December 2015 and up 9.2% from January 2015. CAR reported that the highest median price in the state was $1.17M in the City and County of San Francisco.
NUMBERS AT A GLANCE
Lake County – January 2016
* Median price: $232,500
* Median days to sell: 78
* Units Sold: 50
Lake County – December 2015
* Median price: $216,000
* Median days to sell: 92
* Units Sold: 93
Lake County – January 2015
* Median price: $159,000
* Median days to sell: 112
* Units Sold: 45
LAKEPORT, Calif. – Real estate sales in Lake County ended 2015 on an upswing, according to a report from the Lake County Association of Realtors.
LCAOR reported that the number of sales in December increased by 8 percent over November sales.
A total of 93 single family units sold in December compared to 86 in November. LCAOR said the 93 sales were the second-highest number in a month for 2015 with June topping the list at 109 sales.
The median sales price of $216,000 pulled back from the November median sales price of $252,250, which marked the high point for a monthly median price in 2015. The December median was the second-highest monthly sales price for 2015, according to LCAOR.
The 2015 December median sales price of $216,000 was 42-percent higher than the December 2014 median sales price of $152,000. In December of 2014 there were 53 sales making the 93 sales in December 2015 over 75-percent higher on a year-to-year basis, LCAOR reported.
“The last three months of 2015 ended strongly,” said 2016 LCAOR President Erin Woodward. “Both median sales prices and number of sales compared favorably to other months of the year. The real estate community did not know what to expect after the fires and many expected sales to slow, but that was not the case.”
Inventory levels in both November and December fell to four months. The report said a normal level of monthly inventory is considered to be six months.
In some years, LCAOR said the December inventories can be low as sellers wait to list their properties after the holidays. Continued low inventories can lead to a seller’s market.
Sales financed by cash fell to 25.6 percent of the transactions after they made up 47.7 percent of the deals in November. LCAOR said conventional loans accounted for 53.5 percent of the financing with another 10.5 percent of the transactions being financed through FHA loans.
Distressed sales increased to 17 percent of the sales after making up only 4.7 percent of the deals in November, according to the report.
On a statewide basis the California Association of Realtors reported that existing, single-family home sales totaled 405.530 in December, up 9.6 percent from November 2015 and up 10.7 percent from December 2014, LCAOR said.
LCAOR said the median sales price in California was $489,310 up 2.6 percent from November 2015 and up 8.0 percent from December 2014.
NUMBERS AT A GLANCE
Lake County – December 2015
Median price: $216,000
Median days to sell: 92
Units Sold: 93
Lake County – November 2015
Median price: $252,250
Median days to sell: 107
Units Sold: 86
Lake County – December 2014
Median price: $152,000
Median days to sell: 94
Units Sold: 53
