Homes in Lake Forest sell faster than the countywide pace as its listings have a higher share of distressed properties than the rest of Orange County — including O.C.’s distressed hot spot.
The overall Lake Forest home market — older parts of the city, Foothill Ranch and Portola Hills — had 188 residences listed for sale as of Jan 19 with 76 new deals opening in the past 30 days. That means, by one theory, it would take 2.47 months to sell all inventory at current pace of new escrows in the Newport region vs. 3.20 months countywide.
So says the biweekly housing market report from Steve Thomas of ReportsOnHousing.com.
The Lake Forest communities combined had 105 residences listed that were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 56% of supply of homes for sale vs. 37.0% countywide.
By neighborhoods:
LAKE FOREST
- 125 residences listed in brokers’ MLS system with 60 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 2.08 months vs. 3.05 months found two weeks earlier vs. 2.97 months seen a year earlier. Countywide, latest market time was 3.20 months vs. 4.75 months a year ago.
- Of the homes listed for sale in this community, 66 were either foreclosures or short sales. So distressed properties were 52.8% of supply of homes for sale vs. 37.0% countywide.
- Homes for sale in Lake Forest represent 1.5% of Orange County inventory — and 2.2% of all the distressed homes listed for sale in Orange County. New escrows here are 2.4% of all Orange County’s new pending sales.
FOOTHILL RANCH
- 41 residences listed and 13 new deals opening in the past 30 days.
- By Thomas’s math, this community has a “market time”of 3.15 months vs. 4.67 months found two weeks earlier vs. 5.20 months seen a year earlier. Countywide, latest market time was 3.20 months vs. 4.75 months a year ago.
- Of the homes listed for sale in this community, 21 were either foreclosures or short sales. So distressed properties were 51.2% of supply of homes for sale vs. 37.0% countywide.
- Homes for sale in Foothill Ranch represent 0.5% of Orange County inventory — and 0.7% of all the distressed homes listed for sale in Orange County. New escrows here are 0.5% of all pending sales.
PORTOLA HILLS
- 22 residences listed and 3 new deals opening in the past 30 days.
- By Thomas’s math, this community has a “market time”of 7.33 months vs. 1.78 months found two weeks earlier vs. 9.00 months seen a year earlier. Countywide, latest market time was 3.20 months vs. 4.75 months a year ago.
- Of the homes listed for sale in this community, 18 were either foreclosures or short sales. So distressed properties were 81.8% of supply of homes for sale vs. 37.0% countywide.
- Portola Hills was the O.C. town with highest level of distressed properties among their listings. It was followed by Stanton at 71.0% of listings and Rancho Santa Margarita at 68.6% of listings.
- Fewest? Seal Beach was tops — 3.9% — followed by Corona Del Mar at 5.1% of listings and Laguna Woods at 9.8% of listings.
- Homes for sale in Portola Hills represent 0.3% of Orange County inventory — and 0.6% of all the distressed homes listed for sale in Orange County. New escrows here are 0.1% of all pending sales.
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