Foothill Ranch Market Update for March 2023. The overview below shows real estate activity from January 2023 to February 2023. You will see data comparisons between February and the previous month, the last three months and February 2022.
Average & Median Sales Price
The median sales price in February 2023 was $950,000, down -20.83% from $1,200,000 from the previous month and -28.58% lower than $1,330,140 from February 2022. The February 2023 median sales price was at a mid level compared to February 2022 and 2021. The average sales price in February 2023 was $950,000, down -20.83% from $1,200,000 from the previous month and -28.58% lower than $1,330,140 from February 2022. The February 2023 average sale price was at a mid level compared to February 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 February 2023 sales price/list price ratio was 95.01%, down from 97.13% from the previous month and down from 112.55% from February 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in February 2023 was 1, equal to the previous month and -50.0% lower than 2 from February 2022. The February 2023 sales were at its lowest level compared to February 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 February 2023 was 98 days, up 78.18% from 55 days from the previous month and 188.24% higher than 34 days from February 2022. The February 2023 DOM was at its highest level compared with February 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 February 2023 was $541, down -8.15% from $589 from the previous month and -5.42% lower than $572 from February 2022.
Inventory & MSI
The number of properties for sale in February 2023 was 3, down -25.00% from 4 from the previous month and equal to February 2022. The February 2023 inventory was at a mid level compared with February 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2023 MSI of 3 months was at its highest level compared with February 2022 and 2021.
