Courtesy of the Lake County Realtors Association
LAKE COUNTY— Over the month of October, a total of 78 single family homes were sold through the multiple listing service, compared to 65 in September and 83 sold a year ago during the month of October 2022. These include traditionally built "stick-built" houses as well as manufactured homes on land.
There were 9 sales of mobile homes in parks in October, compared to 6 in September and 7 sold during the month of October 2022. For bare land (lots and acreage) 24 were sold in October, which is the same number of closed sales in September and lower than the 27 during October 2022.
There are 427 "stick built" and manufactured homes on the market right now. If the rate of sales stays the same at 78 homes sold per month, there are currently 5.47 months of inventory on the market at the moment. That means that if no new homes are brought to the market for sale, in 5.47 months, all of these homes would be sold and there would be none available. Less than 6 months of inventory is generally considered to be a "sellers' market" while more than 6 months of inventory is often called a "buyers' market". This month's data is a shift from last month, where more than 6 months of inventory were available. Agents are reporting a drop in requests for property tours, and fewer clients writing offers, which is consistent with the national home sales data.
The total percentage of homes bought for all cash in October: 31% (compared to 45% for September and 25% for October 2022); 32% were financed by Fannie Mae or Freddie Mac ("conventional loans") compared to 26% for September and 42% for the October 2022; 23% were financed by FHA (the same as September as well as for October 2022); 6% were financed by the VA or CalVet (unchanged from September and compared to 5% for October 2022); 3% had other financing such as private loans, USDA, or seller financed notes (compared to 0% in September, and compared to 1% for October 2022). We have a new entry for buyer financing this month: 1% of the sales had an assumable loan, meaning that the buyers were able to take over the existing financing, which was probably with an extremely low interest rate.
The homes in October sold at an average of 96% of the asking price at the time the property went under contract, but an average of 93% when compared to the original asking price when the property first came on the market. This means that the asking home prices had been reduced from their original asking prices on the homes that sold before they actually sold. (In September homes sold for 97% of the asking price at the time the property went under contract, and 92% of the original asking price.) A year ago in October, homes were selling at 97% of the asking price at the time the property went under contract and 89% when compared to the original asking price.
The median time on the market in October was 36 days, compared to 40 days in September and 37 days in October 2022. The median sale price of a single family home in Lake County in October was $318,750, which is higher than the $249,000 median sale price for September but lower than the median sale price of $330,000 during October 2022. This would indicate that last month, the higher priced homes were selling in greater numbers to bring the median sale price up compared to September 2023, but in October 2022 the higher priced homes were selling at an even higher clip. The median asking price of homes on the market right now is $372,000, which is a slight drop October's $375,850.
In October, 40% of homes sold had seller concessions for an average concession of $9,069; these numbers are almost identical to September 2023, with 40% of homes sold having seller concessions for an average concession of $9,033. In October 2022, 45% of homes sold had an average seller concession of $9,035. This past month, average concessions were higher for FHA ($9,749), while cash sales showed an average concession of $3,570, and buyers with a conventional loan had an average concession of $2,704.
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