Lake County News, CA – Realtors Association Reports March Home Sales
LAKE COUNTY, Calif. — The latest report from the Lake County Association of Realtors shows home sales rose in March and it’s a seller’s market.
In March, a total of 117 homes were sold through the multiple listings service last month, compared to 68 in February. These include traditionally built ‘wooden’ houses as well as prefabricated houses on earth.
There were seven sales of mobile homes in parks in March, unchanged from February, and 31 sales of bare land (land and area), compared to 60 in February.
Homes bought for all cash totaled 36%, compared to 28% in February, while 32% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 41% in February. Twenty percent was financed by the FHA, compared to 13% the previous month.
At the end of April, there were 281 houses on the market, compared to 197 in March. If the pace of sales remains the same at 117 homes sold per month, there is currently 2.4 months of inventory on the market right now.
This means that if no new homes come on the market for sale, in 2.4 months all of those homes would be sold and there would be no more available.
Less than six months of inventory is generally considered a “seller’s market” while more than six months of inventory is often referred to as a “buyer’s market”.
Most homes were selling very close to the asking price, at 98% of the asking price. This contrasts with other areas, where homes are selling for more than the asking price.
The median time on market in March was 14 days, very similar to last year.
The median price for a single-family home in Lake County at the end of April was $330,500, the association reported.