Foothill Ranch Real Estate Market Trends
Updated January 29th, 2013
Average sale prices surging upward. The Foothill Ranch real estate market experienced a strong upswing in home values during 2012. The average sale price for all homes sold (detached and attached homes) rose from $371,446 in 2011 to $426,769 in 2012. This is a jump of 14.89% and was driven primarily by increased prices at the entry level point of the market. With an increase in average sale price of nearly 15% Foothill Ranch's rate of increase was more than double that of Orange County as a whole (Average sale price of all homes sold in OC rose 6.2% from 2011 to 2012).
Inventory at a record low! The number of homes for sale in Foothill Ranch has radically dropped and is at the lowest level in over three years. As of January 29th, 2013 there were only 6 homes in Active (For Sale) status (2 condos and 4 detached single family residences). We can expect inventory levels this low to exert strong upward pressure on sale prices. Pent up demand from buyers that have been waiting on the sidelines to see an improvement in the market is a driving force at this time and most homes priced intelligently are attracting multiple offers.
|Home TypeI||# Sold January to December 2012||Average Sale Price|
Whether you plan to buy or sell a home in Foothill Ranch keep tabs on the market trends. A well informed buyer or seller makes better real estate decisions. All reports and statistics below are updated each weekly, so you can check on pricing and inventory trends in Foothill Ranch frequently. What can we sell your home for? Determine the current market value of your home.
Median Sale Price (Detached Single Family Residences Only)
Days On Market
Market Action Index
Definition: This is an at-a-glance measurement of market conditions. Primarily, it shows whether it's a Buyer's or Seller's market. The Index is a barometer of real estate supply and demand. A value above 25 indicates demand is relatively robust, which is referred to as a Seller's Market. Below 25 is a Buyer's Market.
Here's why this is helpful to you... Use the Market Action Index as a measurement for the relative health of a market and as an indicator for prices. When markets fall into Buyer's territory prices will likely follow with a downward trend. When markets fall into Seller's territory prices will likely follow with an upward trend.
BANK OWNED (REO)
Cash or Financing A home which was foreclosed upon, not purchased by a 3rd party at the trustee sale and is now owned by the bank. It is important to note that it may or may not be available for purchase at this time. Check with us for more details. If you will be financing a home purchase rather than paying cash then bank owned homes are what you are looking for.
Cash Only A home for which a Notice Of Trustee Sale (Often referred to as NTS, NOT or NOS) has been issued and a foreclosure sale date assigned. It is important to note that the sale date is often delayed or postponed. Interested parties are required to pay cash in certified funds at the time of sale. A home which has a pending trustee sale may or may not be actively listed and/or listed as a short sale. If it is listed then financing as usual is available to prospective purchasers however the pending trustee sale date should be closely monitored.
Cash or Financing A home for which a Notice Of Default (Often referred to as NOD) has been issued is often termed a preforeclosure. The owner has defaulted on payments and a Notice Of Default has been recorded at the county recorder's office. If, after 90 days, the owner remains in default a Notice Of Trustee Sale may be issued and recorded which allows for the trustee sale to occur 21 days following the NOTS.