Lake Forest North & South

Year Built: 2017 and Older (No new homes)

Single Family Residence (no condos)

2023 began with sales prices declining, and demand faltering. In June of 2022, when prices were peaking, the Fed began raising interest rates. By December, prices had dropped 7%. The FED raised interest rates a whopping seven times in 2022. These rate hikes had a chilling effect on buyer demand and many were priced out of the market.

By the end of the first quarter of 2023, prices stabilized. As time went on, we saw a gradual increase in prices - even as interest rates continued to rise. Why?

It was simply a matter of supply and demand. The inventory of homes for sale was extremely low. Many potential sellers with a mortgage, had an interest rate of 2.75 – 3.75%. Thus, many were not willing to sell and buy as their new rate could be as much as 7%. Unless someone was forced to sell due to death, divorce, or job change, most sellers chose to stay put. However, there were still many more buyers than sellers. Prices continued to rise but did not return to the height of June 2022.

2022

2023

% Change

Average Price

$1,150,816

$1,166,578

+ 1%

Av. Square Foot

2,088

2,060

-1%

Av. Cost/sq.ft

551.17

566.30

+3%

# of Sales

349

233

-33%

Av. Days on Market

20

27

+35%

Newer Homes Sales Report

Year Built: 2018 to 2023

In 2023 many new homes were built in Lake Forest North

These homes sell for considerably higher prices then older homes.

However, if you have an older home that is updated with todays’ contemporary style and design, your home will sell quickly and for a competitive price. Many older homes have other advantages such as a larger lot, pool/spa, and 3 car garages.

2022

2023

% Change

Average Price

$1,657,034

$1,878,156

+13%

Av. Square Foot

2,838

3,021

+6%

Av. Cost/Sq.ft

$582.87

$621.70

+6%

# of Sales

31

66

+113%

Days on Market

34

48

+41%

Call LaVonne & Herb for a FREE market evaluation.

949-395-7475

Read our reviews at: www.LakeForestTeam.com