Lake Forest Real Estate Market: A Look at 2015
Lake Forest Real Estate Market Trends for Single Family Homes were disappointing in 2015 across all key measures. Here are the highlights with trend charts below:
Lake Forest Single Family Home Average Sales Price
One of the Lake Forest Real Estate Market factors we reviewed was the 12 month average sales price for single family homes and that number increased slightly in 2015 to $1,044,794, a 2.3% improvement over the 2014 figure of $1,021,746. The numbers are all over the place with no discernible seasonal trend. For example, the highest average price figure in some time occurred in December 2015, but that month also had one of the lowest closed sales months in a while at 12.
Lake Forest Single Family Homes for Sale
Lake Forest Single Family Homes for Sale as of December 31, 2015 was 238, which is 48 more homes than at the end of 2014.
Lake Forest Sold Homes
241 Homes were sold in Lake Forest in 2015, which is 36 fewer than the 277 homes sold in 2014, continuing a negative trend from 2013 when 313 homes were sold in Lake Forest. Interestingly, the 40 homes closed in June 2015 was one of the best single months in recent history.
Lake Forest Months of Supply of Homes for Sale
From an inventory perspective, average Months of Supply of Homes for Sale in 2015 increased to 12.7, a 54.8% increase from the average of 8.9 in 2014. Shown below is a chart that reflects the actual months supply over the year. 12.7 is the average of the entire year. This not a great indicator for potential sellers.
Average Market Time
We are also seeing negative trends in Average Market Time at 154 days in 2015 as compared to 137 days in 2014; still much improved compared to 260+ days 2009 and 2011.
Lake Forest Real Estate Market – 2015 Condos and Townhomes
Lake Forest Real Estate Market results for condos and town homes was generally improved in 2015 across most key measures. Here are the highlights with trend charts below:
Average Sales Price
The average sales price in Lake Forest increased in 2015 to $510,747, a modest 2.1% improvement over the 2014 figure of $500,000.
Months of Supply of Condos and Town Homes
From an inventory perspective, average Months of Supply of homes average for 2015 increased to 5.0, a 25% increase from the average months supply of 4.0 in 2014. A pretty good level when compared to the 57 Months of Supply in May 2009. When compared to Lake Forest single family homes, this is very encouraging as it appears to have stabilized at a solid level.
Lake Forest Condos and Townhomes for Sale
The number of Lake Forest Condos and Townhomes for Sale as of December 2015 was 30, which is 10 more than the end of 2014. On a positive note, there were 69 closed sales in 2015, 7 more or +11.2% more than occurred in 2014.
Lake Forest Condo and Town Home Average Market Time
We saw a significant improvement in average market time ending 2015 at 83 days, which is historically low since 2009. This is compared to 171 days in 2014 and 270 days in June 2012.
Lake Forest Real Estate Market
Interesting dynamics in the Lake Forest Real Estate market; the Single Family Home Market is struggling with inventory levels increasing and fewer homes selling year over year.
For Condos and Townhomes, inventory is growing slightly, but more homes are selling and selling more quickly.