Total sales in 2010 in Lake Forest, California came in just slightly behind (-2.2%) the sales volume in 2009, but the surprise was that both the average sale price, and the average price per square foot were higher than last year!
Sales of single family homes in 2010 
made up 56% of the sales (356) and ranged in price from $310,000 up to $910,000 with an average of $515,799 and $271 per square foot. In 2009 the average price of single family homes was $484,738 at $265 per square foot.
Short sales made up almost one third (104) of the single family home sales and averaged $472,652 and $253 per square foot.
Bank owned (foreclosed) homes were only 16% of the total, but priced very close to the short sales at an average of $475,249 and $253 per square foot.
Sales of Condos & Townhomes in 2010 were 44% of the total and ranged in price from $90,000 up to $410,000 with an 
average sale price of $225,534 and $211 per square foot. The average price in 2009 was $218,909 at $203 per square foot.
Short sales made up over 40% (117) of the total at an average price of $207,644 at $199 per square foot.
Bank owned condos made up 24% (69) of the sales and averaged $213,624 at $201 per square foot.
We ended the year with total inventory of 171 homes & condos. At the current pace of closed sales, that is about 3.7 months of supply. As we get through the winter doldrums, sometime around the time of Super Bowl, inventory and activity level should start to pick up.
I am currently working with some well qualified buyers who have not found the right home for them. If you know of a nice house (3 bedrooms or more and up to about $550K) that needs a new owner, please give me a call!
