Rancho Santa Fe Real Estate Market for July 2010

As a buyer or seller in the Rancho Santa Fe real estate market, having information about the current market conditions will enable you to make an informed decision regarding what to do with regard to buying or selling a Rancho Santa Fe home. 

The Rancho Santa Fe real estate market is very localized, and the most expensive community, on average, in San Diego County. Knowing what is going on in the market with regard to inventory and sales is important for making a buying or selling decision. Finding comparables for determining price for either a listing or a purchase can sometimes be tricky. 

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Here is a summary of the Rancho Santa Fe real estate market for July 2010 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed. 

Note: There were no attached sales in June for comparison to July statistics

The number of homes sold in Rancho Santa Fe rose over last month by 4 (about 27%), with a decline in detached home sales, but a jump in attached home sales from 0 to 6.  Average prices also increased for detached homes after reaching the lowest average in many months.

 As of the end of July there were 10 homes in the Rancho Santa Fe real estate market with a Contingent status (i.e., short sale and REO homes that had offers being reviewed) and, thus, are included in the Active statistics below.

As of July 2010 there were 270 Ranch Santa Fe homes for sale (96% of these are detached), a decline of 15% from last month. This represents an inventory of 7.6 months for attached homes (down from 12 in June), and 15.6 months for detached homes at the current rate of sales (based on a 6-month period), which is down substantially from 17.9 months in June.

Fewer Rancho Santa Fe homes came on the market in July: 55 as opposed to 61 last month, with 11 homes going pending during the same period, about the same (31% less) than in May.

While higher end homes are selling in the Rancho Santa Fe real estate market (relative to their average price), all the sales thus far this year remain under $10 million. There are currently 13 homes on the market in the $10 to $30 million range, some of which have been on the market well over 1 year.

READ MORE: How Important is Inventory when Buying or Selling? Very!! 

Data are based on information provided by the MLS for homes that went under contract in the last couple of months. If you would like more details about the Rancho Santa Fe real estate market with regard to current activity as well as the specific areas such as Fairbanks Ranch and the Covenant, please let me know. 

READ MORE:

Rancho Santa Fe Real Estate - Rancho Santa Fe Real Estate Market Report for June 2010

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