This is the time of year when everyone seems to be getting ready for the holidays, and there is a slowdown of real estate activity. This year has been very slow, with total volume of sales about 40% below last year.
Here is the snapshot of the resale real estate market in Lake Forest today:
Single Family Homes :
Active : 143 @ average list $765,051 range from $545,000 to $2,500,000.
In Escrow : 36 @ average list $699,900 range from $539,000 to $1.175,000.
Sold in November: 24 @ $731,725 range from $554,000 to $895,500.
The average time on the market for the closed listings was 65 days.
Using the sales pace of the current escrows, usually about 6 weeks worth, the active inventory represents a level of about 5.5 months.
Condos & Townhomes:
Active : 120 @ average list $390,600 range from $258,900 to $565,000.
In Escrow : 25 @ average list $405,000 range from $249,900 to $524,900.
Sold in November : 21 @ average list $402,600 range from $270,000 to $550,000.
The average time on the market for the closed listings was 77 days.
The inventory level of the condos, based on current escrows is about 6.5 months.