Lake County Association of Realtors Releases Home Sales for April

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Over the month of April 2024, a total of 77 single family homes were sold through the multiple listing service, compared to 69 in March and 67 sold a year ago during the month of April 2023. These include traditionally built “stick-built” houses as well as manufactured homes on land.

There were 6 sales of mobile homes in parks in April, compared to 12 sold in March and compared to 5 sold in April last year. For bare land (lots and acreage) 17 were sold in April, compared to 24 sold in March, and 24 were sold during that time period the previous year in March 2023.

There are 387 “stick built” and manufactured homes on the market right now. If the rate of sales stays the same at 77 homes sold per month, there are currently 5 months of inventory on the market. That means that if no new homes are brought to the market for sale, in 5 months, all of these homes would be sold and there would be no homes available for sale. 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 inventory is the same as April of 2024, when 5 months of inventory was available. Agents are currently reporting an uptick in buyers writing offers on properties.

The total percentage of homes bought for all cash in April: 32% (compared to 22% for March and 27% for a year ago in April 2023); 37% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 49% for March and 48% for April 2023; 19% were financed by FHA (compared to 12% in March and 15% in April 2023); 6% were financed by the VA or CalVet (compared to 4% in March and 4% for April 2023); 6% had other financing such as private loans, USDA, or seller financed notes (compared to 12% in March, and compared to 6% for April 2023). None of the closed sales in April were reported as an assumable loan that was assumed by the buyer.

The homes in April sold at an average of 96.7% of the asking price at the time the property went under contract, but an average of 72% 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 list prices before an offer was accepted. In March, homes sold for 97% of the asking price at the time the property went under contract, and 97% of the original asking price. A year ago in April, homes were selling at 97% of the asking price at the time the property went under contract and at 92% when compared to the original asking price.

The average time on the market for residential properties in April was 88 days, compared to 79 days in March and 41 days a year ago in April 2023. The median sale price of a single family home in Lake County in April was 315,000, which is higher than the $300,000 median sale price for March, but lower than the median sale price a year ago of $307,500 during April 2023. This would indicate that last month, the higher priced homes were selling in greater numbers to bring the median sale price up compared to March, but lower priced homes sold in greater numbers compared to April 2023. The median asking price of homes on the market right now is $399,000, which is slightly higher than March’s median price of $397,000. This would indicate that more higher priced homes are hitting the market compared to lower priced homes.

In April, 44% of homes sold had seller concessions for an average concession of $8,659. A year ago, 42% of homes sold had an average seller concession of $7,665. Sales with FHA financed loans had an average seller concession of $10,072; conventional loans had an average seller concession of $4,056.