LAKE COUNTY, Calif. – August proved a strong month for real estate sales in Lake County.

The Lake County Association of Realtors, or LCAOR, reported that 95 single family residences sold in August, up over 28 percent from the July total of 74 sales.

In terms of units sold August is often the peak of the selling season, the association said. There were 100 sales transacted in August 2016.

LCAOR said the median sales price was down 5.35 percent from the July median. In August the median sales price was $239,00 compared to $252,500 in July.

On a year-over-year basis the 2017 August median was up 4 percent over the 2016 August median of $229,750, the association said.

At 6.3 months the inventory levels remained “normal” by industry standards. LCAOR said this is in stark contrast to the statewide inventory levels of 2.9 months.

“Inventory levels in Lake County tend to reach their peak in August,” said 2017 LCAOR President Bobby Dutcher. “Now would be a good time for prospective buyers to view properties before the inventory levels decline during the winter months.”

A number of financing options were utilized by buyers, LCAOR said. Conventional loans were used in 41 percent of the sales, FHA loans in 15 percent and VA loans in 7 percent. Cash financing accounted for 28 percent of the deals.

The California Association of Realtors reported that statewide sales in August totaled 427,630 up 1.5 percent from July and 1.3 percent from August 2016. August’s statewide median sales price was $565,330 up 2.9 percent from July and up 7.2 percent from August 2016.

Mortgage rates declined further in August as the 30-year, fixed-mortgage interest rate averaged 3.88 percent in August, down from 3.97 percent in July but was up from 3.44 percent in August 2016, according to Freddie Mac, according to the California Association of Realtors.

The state association said the five-year, adjustable-rate mortgage interest rates ticked down in August to an average of 3.15 percent from 3.22 percent in July but was up from 2.74 percent in August 2016.

LAKE COUNTY NUMBERS AT A GLANCE

August 2017
Median price: $239,000
Median days to sell: 24
Units sold: 95

July 2017
Median price: $252,500
Median days to sell: 35
Units sold: 74

August 2016
Median price: $229,750
Median days to sell: 92
Units sold: 100