Year over year statistical data for Lake County ending September, 2021

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 September 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

Quick Facts

SOLD

93

LISTED

453

PRICE

$339,000

DOM

24

Welcome to the end of Summer and the start of Fall. With the change of weather comes the change in market. In September 2021 we saw 93 homes sell throughout Lake County. This is -35.4% less than we sold a year ago but near our 2019 number which would have been pre pandemic numbers. When you factor in our current inventory sits at 453, +46.1% more than a year ago and 28% less than our pre pandemic numbers from 2019. This change in listing activity is starting to slow the market. In the last 30 days we sold a little less than 1/3 of the inventory. This leaves us with about three to four months of inventory. 

Pricing continues to rise even though many of us REALTORS are feeling the market slow a bit. A lot of the sluggishness could be seasonality. Each year from the second week of August to the end of September we see a slow down in the market. This was true pre pandemic and is true this year. The reason for this slow down is usually Summer vacations, and getting our kids back to school is the signal for activity to pick up. We are also now heading into the holiday season and this also slows. Typically we sell less homes and list more homes in October and November. We will see next month if this remains true.  With September prices peaking at $339,000 a +15.3% increase year over year and a +32% increase from 2019 prices. That is a lot of growth and appreciation in two years. This should trigger some sellers cashing out. 

Lake County remains one of California’s most affordable places and offers tremendous quality of life. Land is truly a bargain here compared to other areas with the same amenities. You can’t buy an acre of land in Napa or Sonoma for less than a million. Add some grapes and a few more acres and we live in a wine makers paradise.  If you want a piece of this paradise one needs to act quick as our Days on Market are nearing historic lows at 24 days. This equates to homes selling within 24 days at appreciable prices at all time highs. The market has been red hot for two years straight and we see nothing on the horizon to change this. People can afford the homes they are purchasing so loans are solid, foreclosure rates are at their lowest levels in 50 years and the economy is booming. Something has to give. At least that’s what I keep getting told by others. For now it might be time to get out!

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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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