What’s My Rancho Santa Fe Home Worth?
Rancho Santa Fe Real Estate Market Report for June 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 June 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 June decreased from 21 to 12 (down 43%). There were 5 attached home sales, compared to 2 last month. 24% of the transactions were cash vs. 52% for last month.
· The average sales price of the detached homes sold was $2,411,041, a decrease by 79% from the May average sales price – this was due, in part, to the sale of 4 homes over $4M with 1 at $8M in May that had raised the average substantially. The average price of the attached homes sold was $874,675. The MEDIAN sales price for detached homes was $2,200,000, up 22%, and $820,875 to attached, down 13%
· Average marketing time for the detached homes was 38 days (compared to 87 days last month), and 46 days for the attached homes
· The detached homes sold, on average, for 93% of asking price, and the attached homes for 92%
· As of the end of June there were 2 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), both detached homes.
As of June 2015 there were 246 Rancho Santa Fe homes for sale (98% of these are detached single family homes), up 2% from May, the 4th consecutive increase following several months of decline. This represents an inventory of 4 months for attached homes (the same as in May), and 12.6 months for detached homes at the current rate of sales (based on a 6-month period), up from 11.5 months in May. The high end market continues to shift in Rancho Santa Fe, and overall is a market that favors buyers of detached single family homes, luxury properties and estates, but favors sellers of attached homes with limited inventory.
The number of Rancho Santa Fe homes coming on the market in May, 42, decreased significantly from May by 27%. The number of homes going pending, however, increased from 17 in May to 21 (up 24%).
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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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