Home sales in Lake Forest, California, slowed down a bit in December compared to the prior few months, but still finished 79% ahead of the miserable number (29 closings) from December 2007. The 52 closings were split exactly down the middle with 26 each of condos and single family homes.
Condo sales ranged in price from $102,900 to $355,000, with an average of $198,965 at $194/sqft. In 2007, sales of condos totaled 7, representing less than 25% of the total, but the average price was $294,628 @ $292/square foot! At that time, 5 out of the 7 units were bank-owned, one was a short sale and there was only one traditional sale. Comparing $/sq foot, condos have fallen about 34% in the last 12 months!
Single family homes in December 2008 ranged from a low of $310,000 to a high of $975,000 with an average sale price of $481,611 at $239/square foot. Compared to 2007, our average sale price ranged from $449,900 to $905,000, with an average sale price of $605,600 at $301.51/square foot. Comparing $/sq foot, the SFRs have now declined a bit over 20% in one year.