LAKE COUNTY, Calif. — The Lake County Association of Realtors’ latest report on home sales shows an increase both in the number of homes sold and the sales prices.

The report covers the month of May, when a total of 92 single family homes were sold through the multiple listing service, compared to 67 in April and 109 sold during the same time last year.

These include traditionally built “stick-built” houses as well as manufactured homes on land.

There were five sales of mobile homes in parks, compared to 5 in April and nine sold during the same time period last year, and 21 sales of bare land (lots and acreage) sales, compared to 24 in April and 33 during the same time last year.

There are 382 “stick built” and manufactured homes on the market right now, compared to 344 listed in April.

If the rate of sales stays the same at 92 homes sold per month, there are currently 4.15 months of inventory on the market at the moment compared to 5.1 months of inventory in April, and 3.6 months of inventory in March.

That means that if no new homes are brought to the market for sale, in 4.15 months all of these homes would be sold and there would be none available.

Less than six months of inventory is generally considered to be a “sellers’ market” while more than 6 months of inventory is often called a “buyers’ market.

Total percentage of homes bought for all cash in May was 21%, compared to 27% for April and 28% for this same time last year; 47% were financed by Fannie Mae or Freddie Mac (“conventional loans”) compared to 48% in April and 41% for the same time last year; and 21% were financed by FHA (compared to 15% for in April and 18% for this time last year); and 5% were financed by the VA or CalVet (compared to 4% for March and 7% for this time last year); 5% had other financing such as private loans, USDA, or seller financed notes (compared to 6% in April and 6% last year at this time).

The homes in May were selling at an average of 96% of the asking price at the time the property went under contract, but an average of 92% when compared to the original asking price when the property first came on the market.

In April it was roughly the same at 97% of the asking price at the time the property went under contract, but 92% of the original asking price.

A year ago at this time, homes were selling at 98% of the asking price at the time the property went under contract and 96 % when compared to the original asking price.

The median time on the market in May was 39 days, compared to 41 days for the previous month and 22 days for this time last year.

The median sale price of a single family home in Lake County in May was $341,000, compared to $307,500 for the previous month and similar to the median sale price of $339,000 during this time period last year.

This would indicate that in May the higher priced homes were selling in greater numbers to bring the median sale price up compared to the previous year.

In May, 46% of homes sold had seller concessions for an average concession of $8,540. In April, 42% of homes had seller concessions for an average concession of $6,648 and a year ago 34% of homes sold had an average seller concession of $6,773.