LAKE CANTY, California – The real estate market in Lake County continued to be strong throughout May.
The monthly reports are averages for our local property market.
How strong is the market, you ask?
The current average price for single family homes across Lake County was $ 360,000 in the month of May. That’s 30% more than May 2020 and $ 27,000 more than April.
For the communities in the district, it looks like this:
Lakeport: The median home price is in sync with the county median at $ 360,000, down 46.7% from May 2020. This shows that several more expensive homes were sold in Lakeport in May 2020 compared to this year.
Lake Hidden Valley: Hidden Valley Lake’s average home price in May is also in sync with the county average of $ 360,000. This is 14.3% higher than the May 2020 average.
Kelsyville: The average home price in May was $ 450,000, up 50% from a year ago. This shows that several homes were sold in May 2021 at a higher price compared to May 2020.
Clearlake: The median home price for Clearlake was $ 227,000, up 2% from last year.
Sales of existing single-family homes increased 72% year-over-year county-wide to 86 sales in May 2021 across Lake County.
Some of the higher numbers compared to last year were likely due to increased activity in the real estate business after real estate agents were identified as key workers.
By community, existing single-family home sales in May compared to the previous year were as follows:
Lakeport: Up 400% on 15 sales, indicating that Lakeport had little or no sales last May.
Hidden Valley Lake: 160% y-o-y on 13 sales, also showing significant sales growth.
Kelseyville: up 5.6% from May last year with 19 units sold.
Clearlake: Up 27.3% YoY on 14 sales.
Inventories for much of Lake County continued to be low in May 2021 with 156 active listings, down 37.3% from May 2020.
There were 128 active listings in April, so it’s nice to see that while stocks were still low in May, they are up from the previous month.
Lakeport had 22 active listings in May 2021, up 29.4% from last May. This is the only area in which the data indicates more ads than at the same time last year.
Lake Hidden Valley had 20 active listings in May 2021, down 53.5% from last May.
Kelseyville had 32 active listings in May 3021, down 48.4% from last May.
Clearlake had 29 active listings in May 2021, down 37% from May last year.
Across Lake County in May 2021, the average number of days on the market was nine, with list sales at 100% and 31.4% of active listings experiencing price declines.
In Lakeport, the average number of days on the market in May was five, with list sales at 100% and 18.2% of active listings experiencing price declines.
In Hidden Valley Lake, the average time in the market was also five, list sales were also 100%, and 30% of active listings were reduced in price.
In Kelsyville, the average number of days on the market in May was 15 – slightly longer than the rest of the county, but the average price was also higher than the rest of the county. Higher priced homes tend to sell more slowly. List sales were at 100% and 37.5% of active listings dropped their price.
In May, Clearlake had a median market day of 11 days, list price sales were 100%, and the active listing rate with a price cut was 20.7%.
This shows that in May 2021, properly priced homes are selling at the asking price very quickly, in 15 days or less.
In addition, even though this is a strong sellers market, buyers are reluctant to overpay and that if the listing price is overpriced, prices decline.
Tama Prokopovich is President-elect of the Lake County Association of Realtors.