Foothill Ranch Market Update ~ November 2023

The overview below shows real estate activity from January 2023 to October 2023. You will see data comparisons between October and the previous month, the last three months and October 2022.

Average & Median Sales Price

The median sales price in October 2023 was $1,235,000, up 1.23% from $1,220,000 from the previous month and 7.39% higher than $1,150,000 from October 2022. The October 2023 median sales price was at its highest level compared to October 2022 and 2021. The average sales price in October 2023 was $1,151,250, down -9.42% from $1,271,044 from the previous month and -6.82% lower than $1,235,560 from October 2022. The October 2023 average sale price was at a mid level compared to October 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 October 2023 sales price/list price ratio was 99.16%, down from 102.2% from the previous month and up from 96.09% from October 2022.

Number of Properties Sold & Absorption Rate

The number of properties sold in October 2023 was 4, down -20.0% from 5 from the previous month and -20.0% lower than 5 from October 2022. The October 2023 sales were at its lowest level compared to October 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 October 2023 was 27 days, down -18.18% from 33 days from the previous month and -38.64% lower than 44 days from October 2022. The October 2023 DOM was at a mid level compared with October 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 October 2023 was $625, up 2.80% from $608 from the previous month and 21.83% higher than $513 from October 2022.

Inventory & MSI

The number of properties for sale in October 2023 was 5, down -16.67% from 6 from the previous month and 150.0% higher than 2 from October 2022. The October 2023 inventory was at its highest level compared with October 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2023 MSI of 1.25 months was at its highest level compared with October 2022 and 2021.

New Listings

The number of new listings in October 2023 was 1, down -83.33% from 6 from the previous month and -50.0% lower than 2
from October 2022. The October 2023 listings were at its lowest level compared to October 2022 and 2021.
About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 45 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 25 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, as well as sponsoring Paper Shredding and E-Waste Recycling events twice a year, a Meet Santa Event & a Movie Night.

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.