The real estate market in Lake Forest continues to be slow. In the last month, total closed sales of only 32 properties is below our long term average by more than 65%. (These are early numbers and may improve a little in the next few days when a few more closings could be reported in the MLS.) Comparing the current sales rate with a current total inventory of 396, we are looking at over 12 month's worth of sales. Here are the numbers split between single family homes and condos:
Current Lake Forest Real Estate Statistics :
Single Family Homes
Status #Units Avg List* $/square ft
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Active 208 $761,900 $393
Backup 10 $717,100 $353
Pending 13 $722,286 $381
Closed June* 19 $751,771 $380
* For closings, actual sale price reported
The available homes range in price from $525,000 to a high of $2,095,000 for a lake front "point" home. Whether you compare the active inventory level to the most recent month's closing volume, or to the current escrows (usually representing about 6 weeks of activity) we have well over a 10 month supply of single family homes.
Condos
Status #Units $ Avg List* $/square ft
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Active 188 $390,236 $368
Backup 12 $394,900 $365
Pending 5 $364,900 $362
Closed June* 13 $391,866 $363
* For closings, actual sale price reported
The active condos range from a low of $229,000 to a high of $599,000. If sales continue at this pace, it will take between 14 and 16 months to sell all of the currently available condos.
Based on supply versus demand this has become a strong BUYER'S market, with buyers having a significant advantage of many choices and no compelling reason to rush, or consider paying top dollar. In order to stimulate buyer interest and generate offers, serious sellers need to be very agressive in pricing their homes in the low range of the comps! If you don't have a true NEED to sell, this is a good time to take your home off the market and wait it out!
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