The Rancho Mission Viejo real estate market for the month-ended October 2021 compared to October 2020 saw a drastic reduction in new listings and sales and inventory remained 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 up 31% compared to last year at $1,045,280 while the average price per square foot increased from $413 to $517 per square foot or an 18.6% increase. This means the mix of homes sold in October 2021 was more single family and larger homes compared to October 2020.
The days on market in October averaged 7 or a (79.7%) decrease compared to October 2020 of 36 days on average. Rancho Mission Viejo condos sat on the market for an average of 6 days and single family homes on average of 8 days before going under contract.
New listings in October were 21 compared to 44 prior year, a (52.3%) decrease. Total homes sold were 23 compared to 37 prior year or a (60.9%) decrease.
As a result of a reduction of new listings and decrease in days on market, the total inventory in Rancho Mission Viejo was 0.9 months of supply compared to 1.4 months prior year, a (53.9%) 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.
