LAKEPORT, Calif. – The Lake County Association of Realtors reported that the median sales price of single family residences for Lake County fell from $185,000 in September to $162,500 for October.

Month-to-month fluctuations in median sales price are not uncommon in areas where the number of sales are limited, the association reported.

The association said there were 63 single family residence sales in October, up from 57 in September. 

The median days to sell rose from 59 days for September sales to 75 days for October.  For the previous six months the median days to sell was 70, according to the report.

Inventory levels decreased from 7.91 months to 6.73. The report said normal inventory levels are considered to be six months.   

“The median price for the last six months has been relatively stable,” said Rick White, 2014 LCAOR president. “October’s price of $162,500 is just below the year to date median of $169,000.”

The percentage of distressed sales – properties that were sold after foreclosure or ones that were sold for less than what was owed – was 22 percent, which the association said is running higher than the state average of 9 percent. 

The encouraging news, according to the association, is that this distressed sales number is down from 34 percent in 2013 and 59 percent in 2012.

On the financing front, the association said cash buyers purchased 31.75 percent of the sold homes in October, which is consistent with what has been seen over the majority of 2014. 

Conventional loans were used in nearly 35 percent of the transactions, while the report said FHA loans accounted for 12.7 percent of the financing.

Visit the Lake County Association of Realtors online at http://www.lcaor.com/members/ .