(I actually wrote this on March 2, but somehow didn't post it until today. I will post my next market activity and inventory report tomorrow.)
Inventory is fairly stable, new escrows have picked up a little bit, and closings are close to last month's levels. We now have 230 listings available on the MLS with 72 properties currently in escrow. Based on last month's closings of only 36, the inventory level is over 6 months, but compared to the new escrows, we have about a 3 1/2 month supply. The pace has definitely picked up since the first of the year.
With only 36 closings in February, we are still in a "BUYER'S MARKET" so sellers need to be able to either wait a long time for their perfect buyer, or become very aggressive with condition, staging and pricing.
Here are the highlights of the last 30 days : (includes Lake Forest 92630 zip code only):
SINGLE FAMILY HOMES:
Active - 119 @ $788,500 average list ($388/sqft)
In Escrow - 29 @ $778,450 average list ($404/sqft)
Closed in February - 24 @ $765,000 ($367/sqft)
Taken off market (expired, cancelled or withdrawn) - 21
CONDOS :
Active - 121 @ $402,800 average list ($385/sqft)
In Escrow - 43 @ $410,000 average list ($364/sqft)
Closed in February- 12 @ $386,200 ($328/sqft)
Taken off market (expired, cancelled or withdrawn) - 23
There are some opportunities for buyers now, with a good selection of inventory. While there are still some sellers who don't have a true motivation to move, and will take them off the market to wait for a better time, there are many others who are very motivated and will take the first "reasonable" offer they get. With almost 25% of the for-sale homes currently vacant, I expect those owners will either reduce their price to sell them now, or find a tenant to help cover the expense!
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