Rancho Santa Fe Homes for Sale
What Happened in the Rancho Santa Fe Real Estate Market in January 2015?
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 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 January 2015 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed.
Sales of detached homes for January decreased modestly, from 23 to 20 (down 13%). We also saw 1 attached home selling (compared to 2 in December). 48% of the transactions were cash vs. 44% for last month.
The average sales price of the detached homes sold was $3,213,150, an increase of 10% from the December average sales price – this was due, in part, to the sale of 7 homes over $3M with 1 at $8.5M and 1 at $6.6M that raised the average significantly. The MEDIAN sales price for detached homes was $2,862,500, up 21%
Average marketing time for the detached homes was 152 days (compared to 133 days last month). The attached home sold in 102 days
The detached homes sold, on average, for 89% of asking price, the majority selling for under asking price with 2 at the list price. The attached home sold for 94% of asking price
As of the end of January 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), the same as last month.
As of January 2015 there were 188 Ranch Santa Fe homes for sale (96% of these are detached single family homes), up 2% from December, an increase following several months of decline. This represents an inventory of 5.3 months for attached homes (up from 4.7 months in December), and 10.3 months for detached homes at the current rate of sales (based on a 6-month period), up from 9.9 months in December. The high end market continues to shift in Rancho Santa Fe, and is a market that favors buyers of detached single family homes, luxury properties and estates, but remains a seller’s market for attached condos and townhomes with limited inventory (7 homes currently on the market, like last month).
The number of Rancho Santa Fe homes coming on the market in January, 58, increased very significantly from December by 241%, more than 3 times! However the number of homes going pending remained the same at 15.
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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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