Lake Forest Home Sales September 2010
Incorporated as a city in 1991, Lake Forest is currently the most densely populated city in South Orange County which has expanded its borders to include the communities of Foothill Ranch and Portola Hills since being incorporated.
The city has two man-made lakes from which the city gets its name. The 'Forest' in the name comes from the tall beautiful trees which line the streets between Ridge Route, Jeronimo, Lake Forest Road and Serrano Road.
Along with 20 public parks, Lake Forest is also home to two county parks - Whiting Ranch Regional Wilderness Park & Heritage Hill Historical Park. Within the city limits, residents and visitors can enjoy tennis, handball, basketball and volleyball courts, golf, hiking, biking, and equestrian, boating and swimming.
Up to date information on the local Lake Forest real estate market is vital for buyers and sellers to make informed decisions about purchasing or listing a home. Here is the September 2010 Lake Forest Estate Market Report:
|
Lake Forest Market Report |
Total |
Detached |
Attached |
|
# Sold
|
76 |
37 |
39 |
|
Average Price
|
$390,173 |
$522,400 |
$250,800 |
|
Days on Market
|
89 |
97 |
81 |
|
Active Listings As Of 9/30/2010
|
280 |
165 |
115 |
Analysis: Lake Forest home sales volume increased by 6% in September (8 more homes sold than August) while the average sale price decreased from August to September by 8% (from $272,100 to $250,800) for Attached homes and by 1.5% (from $529,866 to $522,400) for Detached homes.
Detached home sales ranged from $405,000 for a 1,249 sf 3 bed/2 bath cul-de-sac home in south Lake Forest to $910,000 for a 3,000 sf 4 bed/3bath pool home with abundant upgrades in north Lake Forest
We are on pace to equal the total number of homes sold during 2009 (925) with 704 homes sold in Lake Forest year-to-date (thru 9/30/10). The average sale price of a Lake Forest detached home in 2010 is $527,642 (up almost 4% over 2009 average sale price of $507,890). Attached home average sale prices for 2010 are also up vs. 2009 at $236,700 (against $232,700 for 2009) by 1.7%.
65 homes came on the market in Lake Forest during September.
There were 280 homes for sale in Lake Forest at the close of September.
25 homes went in to "pending sale" status in Lake Forest during September.
While the proportion of standard sales and short sales remains relatively constant from 2009 to 2010, bank owned sales are increasing. The recent foreclosure documentation scandal swirling around should provide standard sale and short sale sellers a nice window of opportunity (until the beginning of 2011) to be on the market while fewer bank owned homes are available.
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