Lake Forest Year to Date Market Conditions

By
Real Estate Agent with The Real Estate Professionals

Lake Forest Spring Sales Activity (Jan 1 - April 30) 1999 thru 2007

I went through the SoCalMLS and pulled out the history numbers for Lake Forest sales for the past 9 years (all they had available.)  These numbers are for the period of January 1 through April 30 for each year.

Year     #List/#Sold     Avg$        (#Days)       %+/-

1999 -   686/565     $221,404       (46)          - - - -
2000 -   760/513     $241,235       (34)         + 9%
2001 -   901/508     $272,271       (26)         +17%
2002 -   711/584     $293,809       (33)         + 8%
2003 -   667/524     $352,886       (31)         +20%
2004* -  672/468     $455,452       (14)         +29%
2005 -   663/548     $506,318       (49)         +11%
2006 -   677/339     $571,644       (52)         +13%
2007 -   646/243     $581,272       (79)         + 1.6%

* In 2004, properties were selling so quickly that many never made it on to the MLS, so I believe the volume was understated for that period.

While the average sale price shows a 1.6% increase over last year's average, this is due to the mix of properties that have sold. There are less of the smaller condos selling, so that raises the average even though the price per square foot has fallen for almost all price ranges.

We currently have 494 properties on the market, with 84 in escrow, and 52 closed in the last 30 days, after an average of 77 days on the market. With the year-to-date sales of only 243, the monthly average is only 61. At that rate, we are looking at an 8 month inventory, which is slanted heavily in a buyer's favor!

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Vicki Lloyd

(949)457-0281, Lake Forest and South Orange County, CA
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Vicki Lloyd shares her views of all things real estate related in Orange County, California.

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