Rancho Santa Fe Homes for Sale
What Happened in the Rancho Santa Fe Real Estate Market in October 2014?
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 SantaFe homes for sale.
The Rancho Santa Fe housing 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 Rancho Santa Fe properties are unique.
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Here is a summary of the Rancho Santa Fe real estate market for October 2014 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 dropped from September, with fewer detached Rancho Santa Fe homes sold (14 vs. 17 last month) but with 1 attached home sale (compared to 0 last month). 29% of the transactions were cash vs. 27% past month.
· The average sales price of the detached homes sold was $2,539,925, a decrease of 23% from the September average sales price – this was due, in large part, to last month’s sale of 7 homes over $3M including 1 at $5M and 1 at $13M, that raised the average significantly. The attached home sold for $765K. The MEDIAN price for detached homes was $2,454,500, down 8%
· Average marketing time for the detached homes was 165 days (compared to 111 days last month). The attached home was on the market for 37 days.
· The detached homes sold, on average, for 86% of asking price, all selling for under asking price. The attached home sold for 96% of list price.
As of the end of October there were 3 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).
As of October 2014 there were 342 Ranch Santa Fe homes for sale (98% of these are detached single family homes), down 7% from September. This represents an inventory of only 2.3 months for attached homes (up from 1.8 months in September), and 11.5 months for detached homes at the current rate of sales (based on a 6-month period), down from 12.4 months in September. The high end market continues to shift in Rancho Santa Fe, and is a market that is a buyers’ market for detached single family homes, luxury properties and estates, but remains a strong seller’s market for attached condos and townhomes with limited inventory.
The number of Rancho Santa Fe homes coming on the market in October, 36, was about the same as last month (37). The number of homes going pending increased but only by 1, with 14 pendings as compared to 13 past month, up 8%.
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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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