Lake Forest California Market Report - May Sales

Sales activity in Lake Forest for the month of May was (not surprisingly) UP from last year!

The end of the national first time buyer tax credit, combined with the beginning of the new California tax credit (started 5/1/2010) was likely a very significant factor in this! I am betting that there were several escrows scheduled to close in late April that ended up sliding into the early part of May to take advantage of a potential “double dip.” The April sales totaled only 49 properties, while May included 59 – a 20% increase in volume!

Here’s the breakdown of sales for the month of May 2010:

Condos & townhomes -

24 at average sale price of $240,770 ($201.35/square foot) and 55 days on the market. The range was from $115,000 to $355,000. 14 of these were short sales or foreclosures and closed at an average of 3% over the list price.

Single family homes -

35 at average sale price of $524,011 ($258.60/square foot) and 68 days on the market. The range was from $385,000 to $852,000. The short sales and foreclosures made up 50% of these properties and 9 of them closed above the list price, averaging 102% of asking!

Total sales -

59 at average sale price of $408,794 and 64 days on the market and an average of 100% of list price!

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