Foothill Ranch Market Update for December 2022. The overview below shows real estate activity from January 2022 to November 2022. You will see data comparisons between November and the previous month, the last three months and November 2021.
Average & Median Sales Price
The median sales price in November 2022 was $1,230,250, up 6.98% from $1,150,000 from the previous month and 8.15% higher than $1,137,500 from November 2021. The November 2022 median sales price was at its highest level compared to November 2021 and 2020. The average sales price in November 2022 was $1,258,875, up 1.89% from $1,235,560 from the previous month and 10.65% higher than $1,137,760 from November 2021. The November 2022 average sale price was at its highest level compared to November 2021 and 2020.
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 November 2022 sales price/list price ratio was 96.06%, equal to the previous month and down from 103.83% from November 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in November 2022 was 4, down -20.0% from 5 from the previous month and -60.0% lower than 10 from November 2021. The November 2022 sales were at its lowest level compared to November 2021 and 2020. 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 November 2022 was 57 days, up 29.55% from 44 days from the previous month and 83.87% higher than 31 days from November 2021. The November 2022 DOM was at its highest level compared with November 2021 and 2020.
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 November 2022 was $547, up 6.63% from $513 from the previous month and 4.99% higher than $521 from November 2021.
Inventory & MSI
The number of properties for sale in November 2022 was 5, up 150.0% from 2 from the previous month and 25.00% higher than 4 from November 2021. The November 2022 inventory was at a mid level compared with November 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2022 MSI of 1.25 months was at a mid level compared with November 2021 and 2020.
New Listings
The number of new listings in November 2022 was 4, up 100% from 2 from the previous month and -42.86% lower than 7 from November 2021. The November 2022 listings were at its lowest level compared to November 2021 and 2020.
