Feb. 20, 2006 - Current Market Conditions - February

Now that we are done with Super Bowl, the spring market is starting to start!  The Olympics don't seem to be keeping anyone home and glued to the tv, so I think what we are now seeing is the actual beginning of our next buying season.  It's too early to tell if the activity will accelerate like it has the past 4 years, but we are definitely not headed toward any bubble bursting.

As of today, February 20, there are 177 properties on the market in Lake Forest.  There are 95 single family homes, and 82 condos.  The 95 homes represent about a 12 week supply, if the pace stays its' current level.  This is close to a balanced market, where neither the seller nor the buyer have a great negotiating advantage.  Multiple offers are not common, but may still occur when a property is perceived to be "under-valued."  The average time on the market for the 41 homes that are now under contract was 45 days.