The Lake County property market continued to be strong until May 2021. The monthly reports are a snapshot of the 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 last month, when there was $ 333,000.
– The average house price in Lakeport is in sync with the county average 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.
– The average house price on Lake Hidden Valley in May is also in sync with the county average of $ 360,000. 14.3% more than the May 2020 average.
– The average home price in Kelsyville was $ 450,000, up 50% from May last year. This shows that several homes were sold at a higher price in May 2021.
– The median home price for Clearlake was $ 227,000, up 2% from last year.
Sales of existing single-family homes were up 72% year-over-year in the county, to 86 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 realtors were identified as key workers.
– Lakeport secondary home sales are up 400% year-on-year to 15 sales. This shows that there were little or no sales in Lakeport last May. … – Existing sales of Hidden Valley Lake are up 160% over May of last year with 13 sales. There is also a large increase in sales.
– Existing sales in Kelsyville were up 5.6% year-on-year to 19 sales. – Clearlake’s existing sales are up 27.3% over May of last year with 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 last month, so it’s nice to see that while stocks are still low, they are up from last month. …
Lakeport had 22 active listings in May 2021, up 29.4% from last May. This is the only area where the data indicates more ads than last year in May.
– There were 20 active listings for Lake Hidden Valley 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 9, with list sales at 100% and 31.4% of active listings experiencing price declines.
– In Lakeport, May 2021, the average number of days on the market was 5, with list sales at 100% and 18.2% of active listings having a price cut.
– In Lake Hidden Valley, May 2021, the median number of days on the market was also 5, list sales were also 100%, and 30% of active listings have lowered their price.
– In Kelsyville, May 2021, the average number of days on the market was 15 (slightly longer than the rest of the county, but the average price was also higher than in the rest of the county. Homes with a higher price tend to sell more slowly) … the list price was 100%, and 37.5% of active listings have lowered their price.
– In Clearlake, May 2021, the median number of days on the market was 11, list price sales were 100%, and the percentage of active listing 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 seller market, buyers are reluctant to overpay and that if the listing price is overpriced, prices decline.
Real estate statistics provided by the Lake County Association of Realtors. Readers are strongly encouraged to check out Lake County’s Monthly Market Review next month.