LAKEPORT, Calif. – The Lake County Association of Realtors reported that the February median sales price for a single family residence rose 4.65 percent over the January median sales price.

The median sales price in February was $225,000 compared to $215,000 in January. The February 2017 median was 18.4 percent higher than February 2016 median of $190,000.

The number of sales in February was 47, down 19 percent from the 58 sales in January and down 13 percent from the 54 sales in February 2016.

“The trend over the last five years has been for the median sales price to reach a low in January and then move up throughout the year,” said LCAOR President Bobby Dutcher. “The first half of March is showing increased sales activity and we appear to be in a cycle that is similar to the last few years.”

Cash only financing accounted for 21.3% of the sales, down from 25.9 percent in January and 44.4 percent in February 2016. Conventional loan financing was used in 36.2 percent of the sales, up from 32.8 percent in January and 27.8 percent in February 2016.

There was a sharp increase in the percentage of transactions that were financed with FHA loans going from 1.34 percent in January to 23.4 percent in February. In February 2016 11.1 percent of the transactions were financed by the Federal Housing Administration.

FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.

The California Association of Realtors reported existing statewide single family home sales totaled 400,500 in February, down 4.7 percent from January and up 4.9 percent from February 2016.

The statewide median home price was $478,790, down 2.2 percent from January and up 7.6 percent from February 2016.

LAKE COUNTY NUMBERS AT A GLANCE

February 2017
Median price: $225,000
Median days to sell: 55
Units sold: 47

January 2017
Median price: $215,000
Median days to sell: 56
Units sold: 58

February 2016
Median price: $190,000
Median days to sell: 81
Units sold: 54