The overall Lake Forest home market — older parts of the city plus Foothill Ranch and Portola Hills — had 206 residences listed for sale as of Dec 8 with 88 new deals opening in the past 30 days.
That means, by one theory, it would take 2.34 months to sell all inventory at current pace of new escrows in the Newport region vs. 3.44 months countywide.
That’s the buzz from the biweekly housing market report fromSteve Thomas of ReportsOnHousing.com.
Lake Forest communities combined had 120 residences listed that were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 58% of supply of homes for sale vs. 37.7% countywide.
By neighborhoods:
LAKE FOREST
- 147 residences listed in brokers’ MLS system with 59 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 2.49 months vs. 2.25 months found two weeks earlier vs. 2.97 months seen a year earlier. Countywide, latest market time was 3.44 months vs. 4.42 months a year ago.
- Of the homes listed for sale in this community, 88 were either foreclosures or short sales. So distressed properties were 59.9% of supply of homes for sale vs. 37.7% 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 2.3% of all Orange County’s new pending sales.
FOOTHILL RANCH
- 44 residences listed and 17 new deals opening in the past 30 days.
- By Thomas’s math, this community has a “market time”of 2.59 months vs. 2.13 months found two weeks earlier vs. 2.70 months seen a year earlier. Countywide, latest market time was 3.44 months vs. 4.42 months a year ago.
- Of the homes listed for sale in this community, 21 were either foreclosures or short sales. So distressed properties were 47.7% of supply of homes for sale vs. 37.7% countywide.
- Homes for sale in Foothill Ranch represent 0.5% of Orange County inventory — and 0.6% of all the distressed homes listed for sale in Orange County. New escrows here are 0.7% of all pending sales.
PORTOLA HILLS
- 15 residences listed and 12 new deals opening in the past 30 days.
- By Thomas’s math, this community has a “market time”of 1.25 months vs. 2.22 months found two weeks earlier vs. 4.00 months seen a year earlier. Countywide, latest market time was 3.44 months vs. 4.42 months a year ago.
- Of the homes listed for sale in this community, 11 were either foreclosures or short sales. So distressed properties were 73.3% of supply of homes for sale — highest in the county. It ran 37.7% 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 0.5% of all pending sales.
Compare these trends to countywide patterns:
- Cities with highest level of distressed properties among their listings? Portola Hills was tops — 73.3% — followed by Rancho Santa Margarita at 68.8% of listings and Ladera Ranch at 64.9% of listings.
- Fewest? Seal Beach was tops — 4.5% — followed by Corona Del Mar at 5.0% of listings and Laguna Woods at 8.8% of listings.
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