South Orange County buyers and sellers, it’s time for a market update! Today’s focus in on Lake Forest, California. Currently, there are 74 detached homes listed for sale in Lake Forest. Lake Forest, population of almost 80,000, has expanded its limits to include the communities of Foothill Ranch and Portola Hills, two master planned developments that brought new homes and commercial centers to the Eastern boundary of Lake Forest. Lake Forest is ranked as one of the safest cities in the country. The private research firm Morgan Quitno ranked Lake Forest as the 15th safest city in the United States.
The median price of these South Orange County homes for sale is $549,900 with an average price per square foot of $272. Sixteen of the 74 active listings are short sales, representing over one fourth of the total inventory of detached homes for sale. Prices for Lake Forest properties drop with short sales: the median price of a Lake Forest short sale property is $400,000 and the average price per square foot is $246.
In the last 3 months, 95 detached homes have sold and closed escrow in Lake Forest, Orange County. The median price for these properties was $485,000 and the average price per square foot was $245. Of this total were 33 were short sale properties, making the number of short sales sold about 35% of the total. The median price for short sales was $410,000 and the average price per square foot was $222.
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Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com.
