Foothill Ranch Market Update for April 2023. The overview below shows real estate activity from January 2023 to March 2023. You will see data comparisons between March and the previous month, the last three months and March 2022.
Average & Median Sales Price
The median sales price in March 2023 was $1,312,500, up 38.16% from $950,000 from the previous month and equal to March 2022. The March 2023 median sales price was at a mid level compared to March 2022 and 2021. The average sales price in March 2023 was $1,276,250, up 34.34% from $950,000 from the previous month and -9.53% lower than $1,410,642 from March 2022. The March 2023 average sale price was at a mid level compared to March 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 March 2023 sales price/list price ratio was 101.1%, up from 95.01% from the previous month and down from 109.45% from March 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in March 2023 was 4, up 300% from 1 from the previous month and -55.56% lower than 9 from March 2022. The March 2023 sales were at its lowest level compared to March 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 March 2023 was 44 days, down -55.10% from 98 days from the previous month and 100% higher than 22 days from March 2022. The March 2023 DOM was at its highest level compared with March 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 March 2023 was $596, up 10.17% from $541 from the previous month and equal to March 2022.
Inventory & MSI
The number of properties for sale in March 2023 was 3, up 50.0% from 2 from the previous month and -75.00% lower than 12 from March 2022. The March 2023 inventory was at its lowest level compared with March 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2023 MSI of 0.75 months was at a mid level compared with March 2022 and 2021.
