Rancho Santa Fe Homes for Sale - What Happened in the Rancho Santa Fe Real Estate Market Report in February 2012?
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 since many high-end properties are unique.
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Here is a summary of the Rancho Santa Fe real estate market for February 201 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed.
· Total sales for February declined from January, with 11 detached Rancho Santa Fe homes sold (down 27%), the 2nd month of decline; but 3 attached homes sold in contrast to only 1 last month (there are only 10 attached home listings currently).
· The average sales price of the detached homes sold was $1,672,090, down 43% from January’s average sales price (the most expensive home sold was about $2.75 million with 8 under $2 million, whereas last month 2 homes sold between $4 and $4.5 million and 1 at $6 million).
· The average price of the attached homes sold was $679,333 (last month’s only sale was $650K), taking an average of 142 days to sell at 91% of list price
· Average marketing time for the detached homes was 130 days (compared to 261 last month).
· The detached homes sold, on average, for 90% of asking price. Buyers negotiated a fair amount off asking prices on their home purchases, averaging 9 - 10%.
As of the end of February 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), 3 less than last month, and these are included in the Active statistics below.
As of February 2012 there were 220 Ranch Santa Fe homes for sale (97% of these are detached), 6 fewer than last month (down 3%). This represents an inventory of only 4.7 months for attached homes (down from 10.3 months in January), and 15.2 months for detached homes at the current rate of sales (based on a 6-month period), which is down from 15.7 months in January.
The number of Rancho Santa Fe homes coming on the market in February increased significantly to 43 (up 26%), up from 34 last month, with 21 homes going pending during the same period, an increase in pendings by 62% over last month (13).
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.
SEARCH FOR HOMES FOR SALE IN RANCHO SANTA FE CALIFORNIA
READ MORE:
Rancho Santa Fe Homes – What Happened in the Rancho Santa Fe Real Estate Market in January 2012?
Rancho Santa Fe Homes – What Happened in the Ranch Santa Fe Real Estate Market in December 2011?
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