This week, we appraised a home in Lake Forest. And, with every appraisal we do, we ran stats and market conditions to see what the market is currently doing, as well as what it has been doing over the past several years. We saw some interesting trends coming out of Lake Forest and wanted to share just a couple with you.
[bctt tweet=”We saw some interesting trends coming out of Lake Forest and wanted to share just a couple with you.” username=”RiverfrontApp1″]
The first chart is of sale prices over $350,000 over the last five years. We decided to make a break at $350,000 after looking at the stats of all sales and seeing a distinct market change, as well as the number of sales under this line. For homes in this higher price range, the market appears to have been on a good ride over the past five years. After a brief dip between 2014-2015, these homes have been on a slight rise in market value; however, as the numbers show, we might be on the verge of a market cooldown for these higher priced homes.
The second chart shows sales of homes under $350,000 in the past five years. This price range has shown a consistent downward trend in prices since around the Fall of 2015.
Although these changes in market values may be slight, they are still good indications of where our market might be headed.
What are you seeing?
Helping homeowners navigate the appraisal process,
Ryan Bays, SRA, AI-RRS