Homes for Sale Shortage in Orange County

Written by in Market Conditions, Real Estate on 05/11/12

It’s happening all over Orange County right now.  When a new listing comes on the market in Lake Forest, Mission Viejo, Rancho Santa Margarita, Aliso Viejo or most other Orange County cities, the buyers rush in, and sellers are receiving 5 to 8 offers within a few days!  The market is overheated right now due to an inventory shortage.

Total Orange County available inventory is very low right now.   Based on the last months’ closings, there is only a 7 week supply of all homes in the county priced below $1million.  For properties priced under $500,000, there is a county-wide supply of only 5 1/2 weeks!

Lake Forest – 3.5 weeks

Mission Viejo – 3.6 weeks

Rancho Santa Margarita – 2.7 weeks

Aliso Viejo – 4.1 weeks

Laguna Hills – 2.1 weeks

Laguna Niguel – 5.0 weeks

 

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Lake Forest Real Estate Market Update 4/23/2012

Written by in Good News for RE, Lake Forest, Market Conditions on 04/23/12

The inventory shortage continues, with frustrated buyers making multiple offers on recently listed homes.  I’ve noticed several homes that originally appeared to be over-priced, but they have now gone into escrow.  This may signal a price improvement that will bring more sellers out of the closet. In the last week we have seen the following…

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Lake Forest is running out of homes for sale!

Written by in Lake Forest, Market Conditions, Real Estate, Real Estate Market on 04/16/12

 Update on the Lake Forest real estate market.  Today there are only 65 homes in all price ranges available for sale!  When compared to the 83 that have gone into escrow in the last 30 days, this is only a 23 day supply!  (Obviously a seller’s market right now!)  Over the last 6 months, there…

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Lake Forest Market Update April 2012

Written by in Lake Forest, Market Conditions, Real Estate, Real Estate Market on 04/07/12

The market is definitely picking up this spring!  Buyers are making offers almost as soon as new homes come on the market.  Multiple offers have become very common, and prices are generally pretty firm. There are currently 75 Lake Forest  homes for sale on the MLS. Lowest priced listing is $107,500 for a one-bedroom condo…

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Lake Forest Real Estate Recovery

Written by in Lake Forest, Market Conditions, Real Estate on 02/24/12

The market for real estate in Lake Forest California is finally starting to recover!  I am not suggesting that all homes will immediately increase in value, but I don’t expect to see much further decline in the average prices.  Just like the last downturn in the 1990s, it will be difficult to tell which year…

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Lake Forest Home Prices from $107,000 to $1,550,000

Written by in Lake Forest, Market Conditions on 04/02/11

Total Properties available: 207 Condominiums: 96 (Prices from $107,000 to $409,900) Average condo price:  $210,764 ($201/sq ft)   Houses: 111 (Prices from $349,900 to $1,550,000) Average house price:   $565,345 ($280/sq ft)   Short Sales and REOs:  93 Available properties by price range: Under $300,000: 85 $300,000 – $499,999: 61 $500,000 – $699,999 : 48 $700,000…

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Lake Forest Year End Real Estate Market Review

Written by in Market Conditions, Real Estate Market on 01/09/11

Total sales in Lake Forest California were only slightly less than the prior year, but the average price actually increased!

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Lake Forest Mid Year Market Review 2010

Written by in Lake Forest, Market Conditions, Real Estate Market on 07/08/10

Total properties sold through June 30, 2010 was 316, slightly less than the 330 sold during the same period last year.

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Orange County Market Update

Written by in Bank-owned, Market Conditions, Orange County, Pricing, Real Estate, REO, Short Sales on 02/21/09

The market continues to be busy in the lower end of the price range, and bank-owned and short sales are making up about 61% of all closed sales in Orange County.  Today, there are a total of 11,577 homes for sale in Orange County.   Of those, 4783 (42%) are labeled as either bank owned or short sales. …

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Lake Forest Market Update – January Sales Report

Written by in Lake Forest, Market Conditions, Real Estate, X on 02/13/09

January closed sales in Lake Forest, California were less than December, but still better than January 2008.  A total of 39 homes and condos closed this year, versus only 20 last year, an improvement of 95%!     Single family homes : 20 homes closed escrow in January.  Foreclosures or short sales were 14 of the 20, so 70%…

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