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Lake County real estate prices up in May 2021 – Lake County News

LAKE COUNTY, Calif. — The real estate market in Lake County continued to be strong through May.

The monthly reports are a snapshot of averages for our local real estate market.

How strong is the market you may ask?

The 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 April, which was
$333,000.

That breaks down as follows for the county’s communities:

Lakeport: The median home price is in sync with the county median at $360,000, which is 46.7% lower than May of 2020. That shows that in May of 2020 there were some more expensive homes sold in Lakeport as compared to this year.

Hidden Valley Lake: May’s median home price also is in sync in Hidden Valley Lake with the county average of $360,000. That’s up 14.3% over the May 2020 average.

Kelseyville: The median home price in May was $450,000, up 50% from a year ago. That shows that in May 2021 there were some higher-priced homes sold when compared to May 2020.

Clearlake: The median home price for Clearlake was $227,000, up 2% over last year.

Existing single family residence sales were up 72% over last year countywide, 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 real estate activity after real estate agents were deemed essential workers.

By community, existing single family residential sales for May as compared to the previous year were as follows:

Lakeport: Up 400%, with 15 sales, showing that in May of last year there were slim to no sales in Lakeport.

Hidden Valley Lake: 160% over May of last year, with 13 sales, also showing a large increase in sales.

Kelseyville: Up 5.6% over May of last year, with 19 sales.

Clearlake: Up 27.3% over May of last year, with 14 sales.

The inventory for most of Lake County continued to be low in May 2021 at 156 active listings, down 37.3% from May 2020.

In April active listings totaled 128, so it is good to see that while inventory was still low in May it was up over the previous 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 than the same time last year.

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.

Throughout Lake County for the month of May 2021, the median days on the market was nine, with sales to list price being 100% and 31.4% of active listings having price reductions.

In Lakeport, median days on market in May was five, with sales to list price being 100% and 18.2% of active listings having price reductions.

In Hidden Valley Lake, median days on the market was also five, sales to list price also 100%, and 30% of active listings have reduced their price.

In Kelseyville, May’s median days on market was 15 — a little longer than the rest of the county, but the median price was also higher than 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, the May 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, while it is a strong sellers market, buyers are not willing to overpay and that if a listing is overpriced, price reductions are happening.

Tama Prokopowich is president-elect of the Lake County Association of Realtors.

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