For Release: August 12, 2015
Distressed Sales Dwindling in Lake County Market
LAKEPORT (Aug 12) – The Lake County Association of Realtors® (LCAOR) reported that distressed sales, homes sold after foreclosure or for less than what was owed, declined to 6.42% of July sales for single family residences. At one time during the recent recession distressed sales made up over 70% of the residential sales in the county. “It is good to see homeowners getting back above water,” commented LCAOR President Yvette Sloan. “With the market returning to a more normal state people feel more comfortable about purchasing a home.”
The median sales price for July rose to $211,000 up slightly from the June median price of $209,900. The July 2015 median sales price was 25.6% higher than the July 2014 median sales price of $168,000. The number of units fell from 109 sold in June to 82 units in July. Year over year, July 2015 compared to July 2014, the number of units sold increased by 3.8%.
On the financing front, cash buyers accounted for about 21% of the deals, which was down from 37.6% of the deals in June and down from 39.2% in July, 2014. Nearly 44% of the sales used conventional loans to finance the sales. FHA and CalVet/Vet loans each made up 9.76% of financing of sales.
Inventory levels rose to six (6) months of inventory after dipping to four (4) months in June. July 2014 had six (6) months of inventory also. Six months of inventory is considered “normal” for the real estate market.
Looking ahead to August sales Yvette Sloan noted, “At this point it is difficult to tell if the Rocky and Jerusalem fires will have an effect on the market. Insurance carriers are waiting for containment of the fires before issuing new policies and that could slow things down temporarily.”
NUMBERS AT A GLANCE
Lake County – July 2015
- Median price: $211,000
- Median days to sell: 90
- Units Sold: 82
Lake County – June 2015
- Median price: $209,900
- Median days to sell: 61
- Units Sold: 109
Lake County – July 2014
- Median price: $168,000
- Median days to sell: 56
- Units Sold: 79
Lake County Association of REALTORS® … Helping REALTORS® to improve the consumer experience. LCAOR offices are located in Lakeport, CA.