What’s My Rancho Santa Fe Home Worth?
Rancho Santa Fe Real Estate Market Report for September 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 September 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 September increased from 15 to 17 (up 13%). There were 4 attached home sales, the same as last month. 48% of the transactions were cash, versus 47% last month.
- The average sales price of the detached homes sold was $2,470,622, an increase by 2% from the July average sales; the average for attached homes was $998,750, up 36% from August. The MEDIAN sales price for detached homes was $1,700,000, down 22%, and $982,500 for attached, up by 33%.
- Average marketing time for the detached homes was 75 days (compared to113 days last month), and 59 days for attached (versus 54 last month)
- The detached homes sold, on average, for 94% of asking price – 3 homes sold for asking price – and 97% for attached, all under the asking price
- As of the end of September there was 1 detached home 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 September 2015 there were 272 Rancho Santa Fe homes for sale (97% of these are detached single family homes), down 4% from August, following 6 consecutive months of inventory increases. This represents an inventory of 3.4 months for attached homes (down from 5 months in August), and 14.2 months for detached homes at the current rate of sales (based on a 6-month period), up from 13.9 months in August. 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 September, 41, decreased from August by 20%. The number of homes going pending increased, from 16 in August to 18 (up by 13%).
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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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