Lake Forest Market Update - March 2009

The numbers are in, and the real estate market in Lake Forest, California is definitely more active this year than last year when only 28 properties were sold. Sales more than doubled with 69 closed sales in Lake Forest for the month of March 2009. The prices ranged from a low of $122,000 for a one-bedroom condo, up to $711,000 for a 3 bedroom lake front home.

The average price (add up all the sold prices, and divide by the 69 properties that sold) was $339,168, or $231 per square foot. This was down almost 20% from the average price of $412,000 and $276 per square foot in March 2008. The house pictured below is the closest to the average, but really closed at $325,000 after being reduced from an original list of $379,000.

The median price of the closed sales was $370,000, at $323.14/square foot! (To find the median, list all properties in order of sale price, and find the middle value, which was the #35 property.) That property was a bank-owned home and was listed for $325,500 and sold in 7 days! Note to bargain hunters - just because it is bank-owned, doesn't mean that other people might not want to bid the price up!

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