Rancho Santa Fe Homes for Sale - What Happened in the Rancho Santa Fe Real Estate Market in February 2013?
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 decisionregarding 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 an informed 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 2013 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 shifted upwards from January, with 19 detached Rancho Santa Fe homes sold (up 19%), but no attached homes sold (there are 7 on the market currently). 53% of these transactions were cash
· The average sales price of the detached homes sold was $2,046,367, a healthy drop of 25% from the January average sales price. In January 6 homes sold at over $3 million with 1 at $6.3 million, knocking up that month’s average. The MEDIAN price was $2,050,000, down 28%.
· Average marketing time for the detached homes was 182 days (compared to 97 days last month)
· The detached homes sold, on average, for 94% of asking price. Buyers negotiated an average of 6% off the asking prices on their home purchases
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), the same number as last month, and these are included in the Active statistics below.
As of February 2013 there were 214 Ranch Santa Fe homes for sale (97% of these are detached), up by 8% from last month, one of the rare North County communities with an increase in inventory. This represents an inventory of 6 months for attached homes (up from 4 months in January), and 11 months for detached homes at the current rate of sales (based on a 6-month period), up from 9.6 in January. The high end market continues to be competitive in Rancho Santa Fe, especially for the very limited number of attached homes, and is fairly balanced for attached homes, but favoring buyers of detached single family homes and estates.
The number of Rancho Santa Fe homes coming on the market in February was up 10% of the number of new listings in January (56). We also saw an uptick in homes going pending (25, up 25%) during the same period.
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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