Lake County Residential Market Statistics for July 2015

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.

Lake County Market Statistics up to June 2015

Click on the image to get a larger view. Lake_06-15_000001

Lake County Homeownership Expo! June 12 – 14th

Spread the word this should be a great event:

 

Homes take a 25% Jump in median price for Lake County for March 2015.

The Lake County Association of Realtors just posted the statistics for March  2015.  Prices rose by 25%

Here is the report:  

Home Sale Prices Increase by Twenty Five Percent

 

LAKEPORT (April 17) – The Lake County Association of Realtors® (LCAOR) reported that the median sales price of single family residences for Lake County rose from $180,000 in February 2015 to $224,000 in March, a 24.44% increase. Like sales in March 2014 had a median sales price of $155,000 showing a 44.5% increase when comparing year to year sales. Fluctuations in median pricing on a month to month basis can vary widely because of the limited number of sales however the trend has been on the upswing since December of 2014. The median sales price for all of 2014 was $169,000 compared to $175,000 for the first three months of 2015.

 

Fifty two (52) units sold in March compared to 43 in February for a 20.9% increase.

In March 2014 the number of units selling was 51. Inventory levels remained relatively the same at 7.1 months of inventory in March and 7.4 months of inventory in February. The months of inventory in March 2014 was 5.6 indicating that there are more homes available this year than last year.

 

“Realtors are reporting that the activity and interest in buying a home has picked up,” stated LCAOR President Yvette Sloan. “Interest rates are still attractive and the ability to get a loan has improved.”

 

Mortgage rates moved upward in March, with the 30-year, fixed mortgage interest rate averaging 3.77 percent, up from 3.71 percent in February but down from 4.34 percent in March 2014, according to Freddie Mac. Adjustable-mortgage interest rates also rose in March, averaging 2.46 percent, up from 2.43 percent in February but down from 2.48 percent in March 2014.

 

Distressed sales, homes sold after foreclosure or for less than what was owed, continued to decline falling from 18.6% of the sales in February to 11.5% in March. The decline was more significant, 11.5% from 27.5%, when compared to March 2014.

 

Cash only purchases accounted for 25% of the sales with 42.3% of the sales being financed through conventional loans. These percentages are similar to both February 2015 and March 2014. The median days to sell a home was 116. For all of 2014 the median days to sell was 76. The median days to sell is the number of days from the time the property was listed until it went into escrow.

 

 

NUMBERS AT A GLANCE

 

Lake County – March 2015

  • Median price: $224,000
  • Median days to sell: 116
  • Units Sold: 52

 

Lake County – February 2015

  • Median price: $180,000
  • Median days to sell: 118
  • Units Sold: 43

 

Lake County – March 2014

  • Median price: $155,000
  • Median days to sell: 98
  • Units Sold: 51

 

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New Ice Cream Parlor in Kelseyville called The Scoop!

This is a fun spot to chill and have a ice cream cone, shake, sundae and more.   The Scoop Ice Cream Parlor, Kelseyville CA The Scoop 2 The Scoop 3

Great Section about Lake County in the SF Chronical! :)

IMG_0274                                    Lake County wine: Tasting without the traffic.

I was very pleased to see this special section provided in the Sunday, San Francisco Chronicle dated April 12, 2015   To know more go to their link to this section provided below.

http://www.sfgate.com/food/article/Lake-County-wine-Tasting-without-the-traffic-6192585.php?cmpid=email-desktop

 

Nice DW Manufactured home in beautiful senior park.

Another very nice 2 bed, 2 bath Manufactured Home listed this weekend! In Kaliah Landing Park, 8910 Soda Bay Rd. Space C5. Listed for $69,900 MLS#LC15075911  https://youtu.be/ow_Bchpgq78

Great Mobile Home in Lakefront Senior Park, 8910 Soda Bay Rd. Space B1, Kelseyville, CA

Looking for a great place to retire?  This one has a great lakeview!  Check it out.

Nice Lakefront 3 Bed. 2 bath in Soda Bay! On Willow Road in Kelseyville, CA

Just listed this nice home this weekend!  Has floating boat dock and lift and a private boat ramp.  Just $389,000   MLS# LC15075865

 

 

SOLAR LEASES IMPACTING REAL ESTATE TRANSACTIONS.

If you’re thinking about leasing solar panels be sure to do your homework.  Some lease agreements are having a big impact on real estate sales. I am all for green energy and being self sufficient but having some concern with regard to the complication solar leasing is having on real estate sales. Here is a recent article from the Washington Post and recently reprinted by the Los Angeles Time.