What’s My Rancho Santa Fe Home Worth?
Rancho Santa Fe Real Estate Market Report for February 2016
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, with large estates, gated communities, and equestrian properties. 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 due to the unique nature of many high-end Rancho Santa Fe properties.
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Rancho Santa Fe - Luxury Home Buyer's Paradise in San Diego
Here is a summary of the Rancho Santa Fe real estate market for February 2016 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 February rose slightly from 8 to 9 from January. There was only 1 attached home sale, the same as in January. 20% of the transactions were cash, versus 56% last month.
- The average sales price of the detached homes sold was $2,826,333, an increase of 21% from the January average sales price; the attached home sold for $649,000 compared to last month’s sale at $802,500. The MEDIAN sales price for detached homes was $2,170,000 (down 7%)
- Average marketing time for the detached homes was 149 days (compared to 68 days last month), with one home on the market for over 330 days; the attached home sold in just 5 days!
- The detached homes sold, on average, for 86% of asking price – all sold under asking price. The attached home sold for 98% of the list price
- As of the end of February there was 1 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) compared to 0 each of the last several months.
As of February 2016 there were 255 Rancho Santa Fe homes for sale (99% of these are detached single family homes), up 13% from January. This represents an inventory of 3.8 months for attached homes (up from 1.3 months in January), and 16 months for detached homes at the current rate of sales (based on a 6-month period), up from 13.6 months in January. 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 with very limited inventory.
The number of Rancho Santa Fe homes coming on the market in February, 60, was off by 8% compared to January. The number of homes going pending in February, 15 (excluding those that closed escrow) rose by 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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SEARCH FOR CONDOS FOR SALE IN RANCHO SANTA FE CALIFORNIA
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