Foothill Ranch Market Update for February 2023. The overview below shows real estate activity for January 2023. You will see data comparisons between January and the previous month, the last three months and January 2022.
Average & Median Sales Price
The median sales price in January 2023 was $1,200,000, down -11.60% from $1,357,450 from the previous month and 7.87% higher than $1,112,450 from January 2022. The January 2023 median sales price was at its highest level compared to January 2022 and 2021. The average sales price in January 2023 was $1,200,000, down -11.60% from $1,357,450 from the previous month and 3.00% higher than $1,165,000 from January 2022. The January 2023 average sale price was at its highest level compared to January 2022 and 2021.
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 January 2023 sales price/list price ratio was 97.13%, down from 99.1% from the previous month and down from 101.48% from January 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in January 2023 was 1, down -50.0% from 2 from the previous month and -75.00% lower than 4 from January 2022. The January 2023 sales were at its lowest level compared to January 2022 and 2021. 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 January 2023 was 55 days, up 292.86% from 14 days from the previous month and 139.13% higher than 23 days from January 2022. The January 2023 DOM was at its highest level compared with January 2022 and 2021.
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 January 2023 was $589, up 2.43% from $575 from the previous month and 15.49% higher than $510 from January 2022.
Inventory & MSI
The number of properties for sale in January 2023 was 4, up 33.33% from 3 from the previous month and -33.33% lower than 6 from January 2022. The January 2023 inventory was at its lowest level compared with January 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2023 MSI of 4 months was at its highest level compared with January 2022 and 2021.
