Foothill Ranch Market Update for May 2023. The overview below shows real estate activity from January 2023 to April 2023. You will see data comparisons between April and the previous month, the last three months and April 2022.
Average & Median Sales Price
The median sales price in April 2023 was $1,178,000, down -10.25% from $1,312,500 from the previous month and -11.09% lower than $1,325,000 from April 2022. The April 2023 median sales price was at a mid level compared to April 2022 and 2021. The average sales price in April 2023 was $1,349,333, up 5.73% from $1,276,250 from the previous month and -3.49% lower than $1,398,119 from April 2022. The April 2023 average sale price was at a mid level compared to April 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 April 2023 sales price/list price ratio was 101.52%, equal to the previous month and down from 110.48% from April 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in April 2023 was 3, down -25.00% from 4 from the previous month and -72.73% lower than 11 from April 2022. The April 2023 sales were at its lowest level compared to April 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 April 2023 was 21 days, down -52.27% from 44 days from the previous month and 10.53% higher than 19 days from April 2022. The April 2023 DOM was at its highest level compared with April 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 April 2023 was $593, equal to the previous month and -5.12% lower than $625 from April 2022.
Inventory & MSI
The number of properties for sale in April 2023 was 9, up 125.00% from 4 from the previous month and -10.0% lower than 10 from April 2022. The April 2023 inventory was at its lowest level compared with April 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2023 MSI of 3 months was at its highest level compared with April 2022 and 2021.
