Lake Forest home market 32% faster than OC

The overall Lake Forest home market — older parts of the city, Foothill Ranch and Portola Hills — had 280 residences listed for sale as of June 23 with 111 new deals opening in the past 30 days.

That means, by one theory, it would take 2.52 months to sell all inventory at current pace of new escrows in Lake Forest vs. 3.72 months countywide. So, by this math, Lake Forest housing is currently moving 32% faster vs. O.C.


That’s the buzz from the biweekly housing market report from Orange County broker Steve Thomas.

The Lake Forest communities combined had 141 residences listedthat were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 50% of supply of homes for sale vs. 33.5% countywide.

By neighborhoods:

LAKE FOREST

  • 195 residences listed in brokers’ MLS system with 78 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 2.50 months vs. 2.62 months found two weeks earlier vs. 1.97 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
  • Of the homes listed for sale in this community, 99 were either foreclosures or short sales. So distressed properties were 50.8% of supply of homes for sale vs. 33.5% countywide.
  • Homes for sale in Lake Forest represent 1.7% of Orange County inventory — and 2.6% of all the distressed homes listed for sale in Orange County. New escrows here are 2.5% of all Orange County’s new pending sales.

FOOTHILL RANCH

  • 65 residences listed and 21 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time”of 3.10 months vs. 2.37 months found two weeks earlier vs. 2.59 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
  • Of the homes listed for sale in this community, 29 were either foreclosures or short sales. So distressed properties were 44.6% of supply of homes for sale vs. 33.5% countywide.
  • Homes for sale in Foothill Ranch represent 0.6% of Orange County inventory — and 0.8% of all the distressed homes listed for sale in Orange County. New escrows here are 0.7% of all pending sales.

PORTOLA HILLS

  • 20 residences listed and 12 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time”of 1.67 months vs. 2.33 months found two weeks earlier vs. 0.94 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
  • Of the homes listed for sale in this community, 13 were either foreclosures or short sales. So distressed properties were 65.0% of supply of homes for sale vs. 33.5% countywide.
  • Homes for sale in Portola Hills represent 0.2% of Orange County inventory — and 0.3% of all the distressed homes listed for sale in Orange County. New escrows here are 0.4% of all pending sales.

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