For the town of Lake Forest, one of the silver linings to the many challenges of 2020 was a big turnaround in the local real estate market. Spurred by the COVID-19 pandemic, area housing rebounded as homebuyers sought to accommodate lifestyle changes such as working from home, e-learning, and the desire for more space – inside and out. As a result, Lake Forest home sales increased a whopping 55% vs. 2019, and the average sales price rose 7.4% to $923,406 (BrokerMetrics LLC).
Perhaps most telling was the huge upswing in sales activity we saw over the summer. Year over year, the number of homes under contract increased 144% in June and Months’ Supply of Inventory plummeted to 3.3 months, down from 14.2 for the same period in 2019.
While Lake Forest’s resurgence came faster than anyone would’ve expected, it wasn’t entirely unforeseen. @properties co-founder Thad Wong predicted back in January 2020 that Lake Forest was primed for a strong year.
We’ve seen this trend play out at Kelmscott Park as well, with sales up 100% compared to the same time in 2019. “Buyers’ desire for more square footage and outdoor space translated to more demand in the suburbs and Kelmscott Park in particular,” said @properties broker, Andra O’Neill. “The large floor plans and lush landscapes at Kelmscott Park are a natural choice for buyers looking for more space in a beautiful suburban setting.”
Projects like Kelmscott Park fulfill today’s homebuyers’ desires with spacious condo and single-family home floorplans, as well as a wealth of amenities and outdoor living. Kelmscott Park buyers also maintain some of the same conveniences of the city, with easy access to the town’s shops and restaurants, Lake Forest’s Metra station, and Lake Michigan.
So, what’s in store for 2021? More of the same. Inventory in Lake Forest remains low as the market continues to move this winter. Furthermore new construction hasn’t caught up with demand, making communities like Kelmscott Park particularly attractive to homebuyers. To learn more about the community, visit www.kelmscottpark.com.