The real estate market in Orange County Ca. has softened substantially in the past 16 months, and the same holds true for lake forest, California. The rate of sales are down to their lowest levels since the mid 1990's and prices have decreased about 10% in the past 14 months in Lake Forest. We will analysis the price of Condos and Detached homes as compared to the peak in pricing 16 months ago.
In the past 4 months, there have been 92 condos that have sold and closed escrow in Lake Forest Calif. The median price of these 92 Condos was $390,000 and the Average price was $405,489. The Average Price per square foot was $364/SqFt and the average days on market was 68 days.
The peak of the market with regard to pricing occurred in the Spring of 2006', and prices have pulled back from that point. We'll compare today's prices to the peak pricing period in 2006' For the 4 months from March through end of June of 2006' there were 206 Condos that sold and closed Escrow in Lake Forest CA. The Median price of these 206 condos was $423,000 and the Average price was $443,159. The Price per Square foot was $400/SqFt and the average Days on Market was 51 days. These figures translate as follows: The median price has decreased by about 7.8%, and the Average price has decreased by about 8.5% and the price per square foot has dropped by approximately 9% fir attached Condos.
For detached Single Family Homes, there were 106 homes that sold and closed escrow in the past 4 months. The median price was $703,900 and the average price was $730,191. The average price per square foot was $365/SqFt and the average days on market was 64 days. Now let's compare these figures to the Spring f 2006'. For the period of March through the end of June of 2006' there were
205 detached single family homes that sold and closed Escrow in Lake Forest CA. The median price of the 205 homes was $727,900 and the average price was $744,132. The average price per squar foot was $400/SqFt and the average days on market was 46 days.
These statistics result in the following: The median price has dropped by about 3.3%, and the average price has decreased by just 1.9%. On the other hand the price per square foot has dropped by 8.8% in the past 16 months.
Why the big discrepancy in the home pricing numbers you may ask ? Simply put, the Median and even more so the Average price calculations, can be skewed by changing buyer habits from one period to the next. The current fact is that there are more higher price and larger detached homes selling today then lower priced smaller homes... and back 16 months ago, the reverse was happening. That's why we use the price per square foot as a much more accurate barometer.to the movement of prices.
For Active homes currently lsite for sale, there are 319 detached home on the market currently in Lake Forest, CA. These detached homes range in price from $455,000 for a 2 bedroom, 2.5 bath, 1,074 square foot home on Rue Fontaine in the Foothill Ranch area. On up to $1,975,000 for a 4 bedroom, 3.5 bath, 4,300 square foot lake front estate on Erie Ln in the Lake Forest Keys tract. The median price for these 319 homes in $699,900.
Currently there are 9 homes that are currently pending in escrow. These home range in price from $598,900 for a 3 bedroom. 2.5 bath, 1,500 square foot home on Skylark Dr. in the Meadowood Homes tract, up to $919,900 for a 5 bedroom, 3 bath, 3,200 square foot estate on Milwood Rd. in the Crestmont subdivision. The median price for these 9 homes is $629,900.
For attached condominiums, there are 290 condos that are Active for sale. These condos range in price from $215,00 on up to $1,550,000 for a Lake Front condo. The median price for the condos listed for sale is $387,900. There are currently 25 condos that are pending in escrow in Lake Forest, CA.. These prices range from a low of $224,000 up to $679,900.
If you would like to see the inside of any home listed for sale in Lake Forest, CA., please feel free to contact us at: 949-388-3396 or email us at: Info@OCRealtyGroup.com To view all Lake Forest homes for sale online, click here to visit out MLS Search webpage.
