Foothill Ranch Market Update ~ January 2023

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.

New Listings

The number of new listings in December 2022 was 0, down 0% from 4 from the previous month and 0% lower than 3 from December 2021. The December 2022 listings were at its lowest level compared to December 2021 and 2020.
About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 45 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 25 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 sponsoring Paper Shredding and E-Waste Recycling events twice a year, a Meet Santa Event & a Movie Night.

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.