Market Action Report

Lake Forest
Single Family Residence
January 1, 2017-January 31, 2018


Property Sales:
January property sales were 29, down from 38 in January of 2017 and -32.6% lower than the 43 sales last month. January 2018 sales were at their lowest level compared to January of 2017 and 2016. January YTD sales of 29 are running -23.7% behind last year’s year-to-date sales of 38.


Prices:
The median sales price in January was $770,000, up 9.2% from $705,000 in January of 2017 and down -3.6% from $799,000 last month. The average sales price in January was $802,506, up 9.2% from $735,034 in January of 2017 and down -2.3% from $821,570 last month. January 2018 ASP was at highest level compared to January of 2017 and 2016.


Market Time:
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for January was 39, down from 45 days last month and down from 49 days in January of last year. The January 2018 DOM was at its lowest level compared with January of 2017 and 2016.


Selling Price Per Square Foot:
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The January 2018 selling price per square foot of $391 was up 0.3% from $390 last month and up 1.6% from $385 in January of last year.


Selling Price vs Listing Price:
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer’s market exists, a ratio at or above 100% indicates more of a seller’s market. The January 2018 selling price vs list price of 99.3% was up from 98.8% last month and up from 97.7% in January of last year.


Inventory / New Listings / Sales:
This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in January 2018 was 47, up 34.3% from 35 last month and down -35.6% from 73 in January of last year.


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Based on information from Source (MarketQuest) for the Regional Parameters (Lake Forest) in all price ranges as reported on Date Report Was Pulled for the period of Date Range (1/1/17-1/31/18), calculated by multiplying the number of buyer and/or seller sides by sales price. One unit equals one side of a transaction (buyer or seller). Source data is deemed reliable but not guaranteed. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 43 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and son Matt, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 23 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, as well as sponsors Paper Shredding and E-Waste Recycling events twice a year.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.