LAKE COUNTY—Last Month in Real Estate: Total Sales through the Multiple Listing Service in the last month: 101, compared to 117 the previous month and 68 sales the previous month. These include traditionally built ‘wooden’ houses as well as prefabricated houses on earth. There were eight sales of mobile homes in parks (compared to seven the previous month) and 32 sales of bare land (land and square footage), compared to 31 the previous month.
Total percentage of homes purchased with cash: 23% (compared to 36% the previous month); while 43% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 32% last month; while 15% was financed by the FHA (compared to 20% the previous month).
There are 325 homes built and manufactured on land currently on the market, down from 281 the previous month and 197 the previous month. Inventory is up. If the pace of sales remains the same at 101 homes sold per month, there are currently 3.1 months of inventory on the market right now. This means that if no new homes come on the market for sale, in 3.1 months all of those homes will be sold and there will 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”. The previous month there was 2.4 months of inventory, so the number of homes on the market is up sharply.
The median time on market last month was 23 days, compared to 14 days the previous month. The median price for a single-family home in Lake County over the past 30 days was $359,000.
25% of homes sold with a concession from the seller to the buyer for closing costs; the average amount of credit from seller to buyer was $8,219.