A total of 78 single-family homes were sold through the multiple listing service during October. In comparison, 65 homes were sold in September and 83 homes were sold a year ago in October 2022. (File photo – Lake County Publishing)
Provided by Lake County Association of Realtors
LAKE COUNTY — A total of 78 single-family homes were sold through the multiple listing service in October, compared to 65 in September and 83 a year ago in October 2022. These also include traditionally built “stick structures.” ” Includes not only residential buildings but also manufactured homes on land.
There were 9 mobile home sales in the park in October, 6 in September, and 7 in October 2022. Regarding bare land (lots and square footage), 24 properties were sold in October, which is the same number of completed sales in 2022. After September, it will be lower than his 27th in October 2022.
There are currently 427 “stick-built” and manufactured homes on the market. If the number of units sold per month is 78 units and the sales rate remains the same, he currently has 5.47 months worth of inventory on the market. This means that if no new homes come up for sale, within 5.47 months, all of these homes will be sold and there will be no more homes available. Inventory of less than six months is generally considered a “seller’s market,” while inventory of more than six months is often referred to as a “buyer’s market.” This month’s data is a change from last month, when more than six months of inventory was available. Agents are reporting fewer requests for real estate tours and fewer customers writing offers, which is consistent with national home sales data.
Total percentage of homes purchased all-cash in October: 31% (45% in September 2022, 25% in October 2022). 32% were Fannie Mae or Freddie Mac loans (“conventional loans”), compared to 26% in September 2022 and 42% in October. 23% was funded by FHA (also in September and October 2022). 6% were funded by VA or CalVet (no change from September, compared to 5% in October 2022). 3% had other financing such as private loans, USDA, and seller financing notes (compared to 0% in September and 1% in October 2022). This month we have a new entry on financing for buyers. 1% of sales had reservable loans, meaning the buyer could probably take over the existing loan at a very low interest rate.
Homes sold in October for an average of 96% of the asking price when the property went under contract, compared to an average of 93% of the original asking price when the property first went on the market. This means that the home’s asking price has been reduced from the home’s original asking price before it actually sells. (In September, homes sold for 97% of the asking price at the time of contract and 92% of the original asking price.) A year ago, in October, homes sold for 97% of the then asking price. It was on sale. The property went under contract for 89% compared to the original asking price.
The median time on the market in October was 36 days, compared to 40 days in September 2022 and 37 days in October. The median sales price for single-family homes in Lake County in October was $318,750, higher than the median sales price of $249,000. This indicates that more expensive homes were sold last month, increasing the median sales price compared to September 2023, but the median sales price was higher in October 2022. ing. More expensive homes were selling for even more. The median asking price for homes currently on the market is $372,000, down slightly from $375,850 in October.
In October, 40% of homes sold had seller concessions averaging $9,069. These numbers are about the same as in September 2023, with 40% of homes sold having seller privileges averaging $9,033. In October 2022, 45% of homes sold had an average seller concession of $9,035. Last month, the average concession amount was higher for FHA ($9,749). Meanwhile, the average concession for cash sales was $3,570, and the average concession for buyers with conventional financing was $2,704.