This report is generated around the 20th of each month once the previous months numbers have been posted. What we see here is a report generated for the Lake County Housing Market which includes Hidden Valley Lake, Clearlake, Middletown, Lakeport, Kelseyville and more through November 2021. So we are always looking a month behind. Our statistics are derived from the California Regional Multiple Listings Services (CRMLS) This is the Multiple Listing Service provider for all real estate brokerages in Lake County. If you have questions or wish to know a more specific account of your properties value and the timing of either selling or buying we are always happy to jump on a Zoom or meet with you at your property to evaluate and discuss a strategy. We can be reached via cell/text 707.580.3499 or email us at concierge@elitepartnersrealestate.com
The holidays are in full swing and the market is reflective of this fact. Every year the market slows during the holidays and starts to pick back up around the second or third week of February. This is a great time to be a buyer as inventory remains low but demand slows down a bit which allows buyers a real chance at getting their offers accepted as well as not having to over bid as much. Don’t get me wrong we are still very much is a seller controlled market and if priced right a home sells fast. In November 2021 we had 91 homes sell throughout Lake County. This is a -17.3% decrease year over year but nearly flat compared to 2019. Our inventory has increase substantially +37.0% to 415 units available for sale which is still well below our 562 units number back in 2019. We compare 2019 because this was pre-pandemic numbers.
Lake County remains one of the most affordable counties in all of California with our average sold price of $342,588 which is an increase of +9.5% year over year and about 24% increase since November 2019 pre-pandemic prices. Homes are selling a little more than twice as fas as they had back in 2019 and -32.2% faster than a year ago. Our days on market (DOM) is 40 days. This means the average home is selling with in 40 days from list to sold.
A seller should expect their agent to prepare and share a thorough marketing plan on how they will best position their home for sale. While there are lots of over asking offers and homes selling quickly this does not mean an agent should be cutting corners. A marketing strategy that includes a singular property website for your home, brochures, advertising and lots of social marketing should be expected to achieve the highest and best price for you home.
Buyers need strong representation and a good negotiator to steer them through this complex web of multiple offers and pricing strategies. Not all homes are selling for above the listed price and in fact our current list to sold price is 98.1% which is down from a year ago. This means a buyer given normal condirions for a home could expect to pay 1.1% less or $3,786.46 less than the average listed price of $342,588. If your agent isn’t running these numbers and working hard for you, then you need better representation. At RE/MAX Elite Partners we pride ourselves on being the very best in the industry and we guarantee you’ll have amazing results with our partners. Give us a call 707.580.3499 anytime for assistance.
The opinions expressed in this report are those of Don McDonald, Founding partner, and REALTOR with RE/MAX Elite Partners brokered through RE/MAX Gold. They are not in any way intended to express what RE/MAX, RE/MAX Gold or any other agent or brokerage may think. It is my honest analysis backed but some market data. Check back each month around the 25th or so for an update as we continue down this path.
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