The real estate market in Lake County continued to be strong through May 2021. The monthly reports are a snapshot of averages for our local real estate market. How strong is the market you may ask?
Existing Median price for single family residences in all of Lake County was $360,000 for the month of May. That’s up 30% from May 2020 and up $27,000 from last month which was $333,000.
– Median home price for Lakeport are in sync with the county median at $360,000, which is interestingly 46.7% lower then May of 2020. Showing that in May of 2020 there were some more expensive homes sold in lakeport vs. this year.
– Median home price in Hidden Valley Lake for the month of May are also in sync with the county average of $360,000. Up 14.3% over May 2020 average.
– Median home price for Kelseyville were $450,000, up 50% from last May. Showing that in May 2021 there were some higher priced homes sold.
– Median home price for Clearlake was $227,000, up 2% over last year.
Existing single family residence sales were up 72% over last year County wide, at 86 sales for the month of May 2021 in all of Lake county. Some of the higher numbers over last year were likely due to increased realestate activity after Realtors were deemed essential workers.
– Existing home sales for Lakeport were up 400% over May of last year, with 15 sales. Showing that in May of last year there were slim to no sales in lakeport. . – Existing sales for Hidden Valley Lake were up 160% over May of last year, with 13 sales. Also a large increase in sales.
– Existing sales in Kelseyville were up 5.6% over May of last year, with 19 sales. – Existing sales for Clearlake were up 27.3% over May of last year, with 14 sales.
Inventory for most of Lake county continued to be low in May 2021 at 156 active listings, down 37.3% from May 2020. Last month active listings were 128, so it is good to see that while inventory is still low it is up over last month.
– For Lakeport there were 22 active listings in May 2021 , up 29.4% over last May. This is only area that the data indicates more listings then last year in May.
– For Hidden Valley Lake there were 20 active listings for May 2021, down 53.5% from last May.
– For Kelseyville there were 32 active listings in May 3021, down 48.4% from last May. – For Clearlake there were 29 active listings in May 2021, down 37% from last May.
Through Lake county for the month of May 2021, the median days on the market was 9, with sales to list price being 100% and 31.4% of active listings having price reductions.
– In Lakeport, May 2021, median days on market was 5, with sales to list price being 100% and 18.2% of active listings having price reductions.
– In Hidden Valley Lake, May 2021, Median days on the market was also 5, sales to list price also 100%, and 30% of active listings have reduced their price.
– In Kelseyville, May 2021, median days on market was 15 ( a little longer then the rest of the county, but the median price was also higher then the rest of the county. The higher priced homes do tend to sell less quickly) sales to list price was 100% and 37.5% of active listings have reduced their price.
– In Clearlake, May 2021, median days on the market was 11, sales to list price being 100% and percentage of active listing with price reductions being 20.7%.
This shows that for the month of May 2021, homes that are priced correctly are selling at asking price very quickly, 15 days or less. Additionally, that while it is a strong sellers market, buyers are not willing to overpay and that if a listing is overpriced, price reductions are happening.
Real estate stats provided by the Lake County Association of Realtors. Readers are urged to check in for next month’s Lake County Monthly Market Update.
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June 26, 2021 at 08:41PM
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Monthly market update for May 2021: The real estate market in Lake County continued to be strong - Lake County Record-Bee
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