Foothill Ranch Market Update for January 2023. The overview below shows real estate activity from January 2022 to December 2022. You will see data comparisons between December and the previous month, the last three months and December 2021.
Average & Median Sales Price
The median sales price in December 2022 was $1,357,450, up 10.34% from $1,230,250 from the previous month and -1.63% lower than $1,380,000 from December 2021. The December 2022 median sales price was at a mid level compared to December 2021 and 2020. The average sales price in December 2022 was $1,357,450, up 7.83% from $1,258,875 from the previous month and 1.82% higher than $1,333,167 from December 2021. The December 2022 average sale price was at its highest level compared to December 2021 and 2020.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price. The December 2022 sales price/list price ratio was 99.1%, up from 96.06% from the previous month and down from 105.39% from December 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2022 was 2, down -50.0% from 4 from the previous month and -77.78% lower than 9 from December 2021. The December 2022 sales were at its lowest level compared to December 2021 and 2020. Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market. The DOM for December 2022 was 14 days, down -75.44% from 57 days from the previous month and -30.0% lower than 20 days from December 2021. The December 2022 DOM was at its lowest level compared with December 2021 and 2020.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in December 2022 was $575, up 5.12% from $547 from the previous month and 10.79% higher than $519 from December 2021.
Inventory & MSI
The number of properties for sale in December 2022 was 3, down -40.0% from 5 from the previous month and 50.0% higher than 2 from December 2021. The December 2022 inventory was at a mid level compared with December 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2022 MSI of 1.5 months was at its highest level compared with December 2021 and 2020.
