The Rancho Mission Viejo real estate market for the month-ended January 2022 compared to January 2021 is continuing to see inventory near all-time lows, representing a continued sellers market.
The average sales price was $906,700 versus $723,206 prior January or up 25.4%. More condos sold in the month of January compared to prior year and prior month, which is why the average sales price dropped from $976,000 last month.
The average price per square foot increased from $447 to $553 or an 22.1% increase versus January of last year. Condos sold for an average of $535 per square foot versus $416 last year (26.5% increase) and single family homes sold for $576 per square foot versus $449 last January (28.2% increase).
The days on market in January averaged 5 or a (68.8%) decrease compared to January 2020 of 16 days on average.
New listings in January were 21 compared to 26 prior year, a (19.2%) decrease. Active listings were 15 compared to 28 prior year, a (86.7%) decrease and total homes sold were 10 compared to 17 prior year or a (70.0%) decrease.
As a result of a reduction of the combined active and new listings and decrease in days on market, the total inventory in Rancho Mission Viejo was 0.7 months of supply compared to 0.8 months prior year, a (13.6%) decrease. In a stable market, inventory averages 4-6 months of supply. 1-3 months of supply indicates a sellers market and over 6 months indicates a buyers market.
If you would like to discuss more about local market trends, please feel free to call or text me at 949.749.5828.