County real estate market has its own personality | Armonk Realtor

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The Lake County real estate market is unique in its own way.  It generally follows the trends of the state and nation, but because of its unique situation, it is not a mirror image of what is going on in other areas. 
For example, when real estate values go up or down in Sonoma County or the Bay Area, Lake County values do not mirror these changes. This generally happens a few months later, and not to the same degree as these other areas. 
Selling prices generally are highest in the spring and lowest in the winter.  This is especially true here in Lake County as we have so many who buy property from out of the area.  When the weather is good, buyers want to see property that is for sale.  In the real estate business, this is our busy season.
Now that 2012 is behind us there is enough information in to analyze sales data from the Lake County Multiple Listing Service (MLS) that has an impact Lake County properties, and there is finally some good news to report: The bad news is just how far values have dropped. 
The average drop in price for a single family residence (SFR) is 60 percent value since the peak in 2006.  The good news is that it looks like the worse is behind us because for the first time since 2006, average selling prices for a SFR has increased in Lake County.
In 2012, Lake County home values went up by about 7 percent and this trend is continuing in 2013.  Home values increased 21 percent in the first quarter over the same time period last year.
"What's driving the recovery is continued low interest rates, combined with low prices," said Phil Smoley, owner/broker of CPS Country Air Properties. "This is creating extraordinary demand, leading to low inventory, which leads to higher prices. Expect home prices to go up in 2013 by at least 10 percent in Lake County.  Land sales will not dramatically improve until home prices get to a point where builders can start building again, which is at least three to five years off."



County real estate market has its own personality - www.record-bee.com

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