Rancho Santa Fe Homes for Sale - What Happened in the Rancho Santa Fe Real Estate Market Report in May 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 May 2012 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed.
· Total sales for May rose from April, with 29 detached Rancho Santa Fe homes sold (up 71%); 2 attached home2 sold as in May, twice the number in April (there are only 6 attached home listings currently).
· The average sales price of the detached homes sold was $2,776,629, up 45% from April’s average sales price (where 10 homes sold at $3 million or above, 1 at $7.225M)
· The average price of the attached homes sold was $708,750 (compare to the sale of 1 home last month at $425,000), taking 61 days to sell on average at 93% of the list price
· Average marketing time for the detached homes was 143 days (compared to 83 days last month)
· The detached homes sold, on average, for 92% of asking price. Buyers negotiated an average of 7-8% off the asking prices on their home purchases
As of the end of May there were 4 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), less than half the number last month, and these are included in the Active statistics below.
As of May 2012 there were 240 Ranch Santa Fe homes for sale (98% of these are detached), 6 more than last month (up 3%), one of the few communities locally where inventory rose. This represents an inventory of only 3 months for attached homes (down from 4.6 months in April), and 13.4 months for detached homes at the current rate of sales (based on a 6-month period), which is down from 15.4 months in April.
The number of Rancho Santa Fe homes coming on the market in May increased to 53 (up 26%), with 21 homes going pending during the same period, an increase in pendings by 17% over last month (18).
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.
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