The Rancho Mission Viejo real estate market for the month-ended November 2021 compared to November 2020 is continuing to see inventory near all-time lows, representing a continued sellers market. Compared to last year, sales have followed a more traditional path of slowing into the late fall and holiday season.
The average sales price was $976,808 versus $834,561 prior November or up 17%. More condos sold in the month of November compared to prior year and prior month, which is why the average sales price dropped from $1.045 million last month.
The average price per square foot increased from $426 to $521 per square foot or an 18.4% increase versus November of last year. Condos sold for an average of $510 per square foot versus $405 last year (23.8% increase) and single family homes sold for $528 per square foot versus $442 last November (19.5% increase).
The days on market in November averaged 8 or a (65.2%) decrease compared to November 2020 of 23 days on average.
New listings in November were 21 compared to 20 prior year, a 5.0% increase. Active listings were 17 compared to 40 prior year, a (135.3%) decrease and total homes sold were 28 compared to 29 prior year or a (3.6%) 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 0.6 months of supply compared to 1.4 months prior year, a (127.2%) 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.