Lake Forest Real Estate Market Conditions & Reports, Lake Forest Market Trends, California

Market Commentary Provided by Team McVey
The ultra low prices of some of the condominums in Lake Forest are very attractive to first time buyers with limited funds. However, these areas are suffering from the economic downturn more than most other areas so most are foreclosures/ REOs or short sales. After seeing these ultra low priced properties, most of my buyers for these lower priced properties would rather wait to buy until they can afford a better location.

Report Date

Fall 2009

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Team McVey
CENTURY 21 Beachside, Realtors®
Mission Viejo, California
949-466-5067
TeamMcVey@aol.com
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Nearest Metro Area

Buyers’ or Sellers’ Market

More buyers than sellers

Average Time on Market

60-90 days

Market Trend

Decreasing

Housing Inventory

Good supply - all prices

Average Home Price

$450,000 - View Graph Trend

Best Selling Price Range

Worst Selling Price Range

Compared to Last Year

Down 20-25%

Prices As % of Asking Price

90-95%

Multiple Offers?

Yes

Greatest Activity

First Time Buyers

Buyer Activity for the past 90 days in Lake Forest is

Seller Activity for the past 90 days in Lake Forest is

Is Financing Available For Qualified Buyers in Lake Forest?

Existing Home Prices for the past 90 days are

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

Housing Hot Spots

Many inquiries target the very low priced single family homes in South Lake Forest (nearer to the freeway) and the condos priced under $200,000.

Reason to Buy/Sell

Other

Average Sold Price

$450,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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