House for sale. (Dreams Time/TNS)
LAKE COUNTY—During the month of December 2023, a total of 54 single-family homes were sold through the multiple listing service. In contrast, in November he sold 59 homes, and a year ago in December 2022, he sold 73 homes. These include traditionally built 'stick houses'. This includes not only “constructed” homes but also manufactured homes on land. In 2023, county offices were closed for the last two weeks of the year and home sales could not be completed in December because the recorder's office was not open. This may also be one of the reasons why sales numbers are low in December.
There were 6 sales of mobile homes in the park in December. In November, 4 properties were sold, and in December 2022, 5 properties were sold a year ago. Regarding vacant land (land and area), there were 16 sales in December compared to 25 sales of closed land. The 15 units sold in November and the same period last year will be sold in December 2022.
There are currently 347 “stick-built” homes on the market. If the number of units sold per month is 54 and the sales rate remains the same, he currently has 6.4 months' worth of inventory on the market. This means that if no new homes are put on the market, within 6.4 months all of these homes will be sold and there will be no homes left for sale. 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 about the same as last month, when there was 6.6 months of available inventory. Agents are currently reporting an increase in requests for real estate tours in January, so perhaps the market will recover somewhat.
Total percentage of homes purchased all-cash in December: 35% (41% in November 2022, 34% in December 2022). 37% were Fannie Mae or Freddie Mac loans (“conventional loans”), compared to 29% in November 2022 and 44% in December. 20% was funded by FHA (17% in November 2022 and 10% in December 2022). 1% was funded by VA or CalVet (7% in November 2022 and 4% in December 2022). 4% had other financing such as private loans, USDA, and seller financing notes (compared to 3% in November and 6% in December 2022). None of the sales completed in December were reported as assumable loans assumed by the buyers.
Homes sold in December for an average of 94.6% of the asking price at the time of contract, but an average of 88% of the original asking price when the property first went on the market. This means that the asking price of a sold home is reduced from its original list price before the home is actually sold. (In November, homes sold for 96% of the asking price under contract and 89% of the original asking price.) A year ago, in December, homes sold for 95% of the asking price at the time. Ta. When the property went under contract, it was 88% compared to the original asking price.
The median time on the market in December was 62 days, compared to 32 days in November 2022 and 54 days in December. The median sales price for single-family homes in Lake County in December was $305,000, higher than the median sales price of $269,000. November prices were lower than the December 2022 median sales price of $320,500. This indicates that more expensive homes were sold last month and the median sales price increased compared to November 2023. The current market price is $360,000, about the same as November's price of $357,000.
In December, 37% of homes sold had seller concessions, with the average concession amount being $7,679. Concession rates were higher compared to November 2023 numbers, with 31% of homes sold receiving seller concessions, and the average concession amount was $11,286. In December 2022, on 29% of homes sold, the average seller concession was his $7,614. Last month, his FHA loan had the highest average concession amount, with his average concession amount being $14,206. The average concession amount for a VA loan was $7,600. Conventional loan concessions averaged $3,325. There were no seller concessions in 19 cash sales (rather, this month the sales price is shown reduced in exchange for a seller credit being given in escrow).
