What’s My Rancho Santa Fe Home Worth?
Rancho Santa Fe Real Estate Market Report for August 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 August 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 August decreased from 17 to 15 (down 12%). There were 4 attached home sales, compared to 0 last month. 47% of the transactions were cash, versus 24% last month.
- The average sales price of the detached homes sold was $2,417,533, a decrease by 12% from the July average sales; the average for attached homes was $735,000. The MEDIAN sales price for detached homes was $2,183,000, down 28%, and $737,500 for attached.
- Average marketing time for the detached homes was 113 days (compared to 94 days last month), and 54 days for attached
- The detached homes sold, on average, for 89% of asking price – all but 1 home sold under asking price – and 96% for attached, all under the asking price
- As of the end of August 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 August 2015 there were 283 Rancho Santa Fe homes for sale (97% of these are detached single family homes), up 13% from July, the 6th consecutive increase following several months of decline. This represents an inventory of 5 months for attached homes (down from 6 months in July), and 13.9 months for detached homes at the current rate of sales (based on a 6-month period), up from 13 months in July. 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 is a seller’s market for attached homes
The number of Rancho Santa Fe homes coming on the market in August, 51, decreased from July by 16%. The number of homes going pending also decreased, from 19 in July to 16 (down by 16%).
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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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