LAKE COUNTY—Last month in real estate: Total homes sold through the multiple listings service last month: 68. These include traditionally built homes as well as manufactured homes on land. There were 7
sales of mobile homes in parks and 60 sales of bare land (lots and areas).
Total percentage of homes purchased with cash: 28%; while 41% were funded by Fannie Mae or Freddie
Macs (“conventional loans”; while 13% were financed by the FHA. Nearly one-third (31%) of homes sold with
a concession from the seller to the buyer for closing costs; the average amount of credit from the seller to the buyer was
There are 197 homes on the market right now. If the pace of sales remains the same at 68 homes sold per
months, there are currently 2.9 months of inventory on the market right now. This means that if not
new homes are put on the market for sale, in 2.9 months all of these homes would be sold and
there would be none available. Less than 6 months of inventory is generally considered a “seller”
market” while more than 6 months of inventory is often referred to as a “buyers market”.
Most homes sold very close to the asking price; in Clearlake, the houses were selling a little
more than the asking price (101% of the listing price). To detail it by zone, here is a comparison of the
activity last month, compared to last year at the same time. Please keep in mind that these
the numbers are quite small, so it’s hard to make assumptions based on them.
—Courtesy of the Lake County Association of Realtors