Rancho Santa Fe Homes for Sale - What Happened in the Rancho Santa Fe Real Estate Market in October 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 Rancho Santa Fe homes for sale.
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 October 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 October declined from September’s, with 16 detached Rancho Santa Fe homes sold (down 6%), and 1 attached home sold (there are only 2 on the market currently). 41% of the homes sold in October were cash transactions
· The average sales price of the detached homes sold was $2,712,968, up 32% from the September average sales price. 6 of the homes sold were over $3M, with one over $9M which raised the average substantially from last month
· The attached home sold for $1,150,000 (compared to the sales price of the attached home sold last month at $760,000), taking 210 days to sell at 97% of list price
· Average marketing time for the detached homes was 194 days (compared to 164 days last month)
· The detached homes sold, on average, for 90% of asking price. Buyers negotiated an average of 3 - 10% off the asking prices on their home purchases
As of the end of October there were 16 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), the same as last month, and these are included in the Active statistics below.
As of October 2012 there were 213 Ranch Santa Fe homes for sale (98% of these are detached), down 4% from last month. This represents an inventory of 1.3 months for attached homes (down from 2.7 months), and 9.4 months for detached homes at the current rate of sales (based on a 6-month period), which is down from 9.5 months in September. The high end market continues to be competitive in Rancho Santa Fe, especially for the limited number of attached homes but is a balanced market for detached.
The number of Rancho Santa Fe homes coming on the market in October (28) was down 35% from last month, with 16 homes going pending during the same period, 33% more than in September.
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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