Foothill Ranch Market Update ~ May 2024

By Buying, Selling, Uncategorized May 13, 2024
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The overview below shows real estate activity from January 2024 to April 2024. You will see data comparisons between April and the previous month, the last three months and April 2023

Average & Median Sales Price

The median sales price in April 2024 was $1,332,599, down -9.65% from $1,475,000 from the previous month and 13.12% higher than $1,178,000 from April 2023. The April 2024 median sales price was at its highest level compared to April 2023 and 2022. The average sales price in April 2024 was $1,452,920, equal to the previous month and 7.68% higher than $1,349,333 from April 2023. The April 2024 average sale price was at its highest level compared to April 2023 and 2022.

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 April 2024 sales price/list price ratio was 104.23%, up from 102.81% from the previous month and up from 101.52% from April 2023.

Number of Properties Sold & Absorption Rate

The number of properties sold in April 2024 was 5, down -28.57% from 7 from the previous month and 66.67% higher than 3 from April 2023. The April 2024 sales were at a mid level compared to April 2023 and 2022. 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 April 2024 was 30 days, down -56.52% from 69 days from the previous month and 42.86% higher than 21 days from April 2023. The April 2024 DOM was at its highest level compared with April 2023 and 2022.

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 April 2024 was $747, up 18.95% from $628 from the previous month and 25.97% higher than $593 from April 2023.

Inventory & MSI

The number of properties for sale in April 2024 was 5, equal to the previous month and -28.57% lower than 7 from April 2023.  The April 2024 inventory was at its lowest level compared with April 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2024 MSI of 1 months was at a mid level compared with April 2023 and 2022.

New Listings

The number of new listings in April 2024 was 6, up 500% from 1 from the previous month and 20.0% higher than 5 from April 2023. The April 2024 listings were at a mid level compared to April 2023 and 2022.

About the Author
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Tim Morissette, REALTOR®

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, 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 26 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, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

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.