Lake County Real Estate Blog

Hi Everyone,

Home sales held fairly steady in May 2008 with only three fewer sales than in April 2008, our best sales month so far this year. Prices are well down from May of last year as we continue to scrape somewhere along the bottom of the market. The average residential home price in May of 2007 was $332,555. In May of 2008 it was $261,040. That is a drop of approximately 21.5%!

There are some foreclosures in the mix as well at this point. I am hearing rumors that in surrounding areas such as Sonoma and Sacramento, foreclosures are gettting multiple bids and are often going for well over the asking price. We have not yet seen that yet in Lake County but we often trend a little behind those areas when it comes to market changes.

If you get a moment, please take a look at the updated sales comparison page and please let me know if there is some more information you would like to see there. I will keep tweaking it over time to make it as useful as possible and to keep you updated on Lake County market activity. 

Thank you for reading my blog and come visit anytime, I'm always happy to tour available homes with you.

Best Regards, 

Steve McKenzie  

Hi Everyone!

Home sales increased 18.1 percent in May in California compared with the same period a year ago, while the median price of an existing home fell 35.3 percent, the California Association of Realtors reported today.

"Home sales exceeded 400,000 last month for the first time since early 2007. While this is a welcome sign for the market, it was due in part to the large share of distressed homes for sale in many parts of the state," said C.A.R. President William E. Brown. "Sales also rose above their year ago levels for the second month in a row after 30 consecutive months of year-to-year decreases. The lower prices associated with distressed sales along with favorable interest rates both contributed to higher sales levels."

The median price of an existing, single-family detached home in California during May 2008 was $384,840, a 35.3 percent decrease from the revised $594,530 median for May 2007, C.A.R. reported. The May 2008 median price fell 4.7 percent compared with April's $403,870 median price.

This is great news for buyers as there are great homes to be found all around Lake County. Foreclosures and short sales are the focus of many buyers these days depending on the area, but many other homes are well priced as well.

Thank you for reading my blog and I'll be in touch soon with more information and the June sales numbers.

Steve McKenzie