What’s the Value of My Rancho Santa Fe Home?
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 luxury 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 June 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 June dropped modestly from 28 to 26 from May (down 7%). There were 3 attached home sales vs. 2 in May. 38% of the transactions were cash, versus 40% last month.
- The average sales price of the detached homes sold was $2,833,725, an increase of 24% from the May average sales price – this was due, in part, to the sale of 4 homes over $4M with 1 selling at $7M which raised the month’s average. The average sale price for the attached homes was $796,666, down 14%. The MEDIAN sales price for detached homes was $2,552,250 (up 23%) and $820K for attached homes
- Average marketing time for the detached homes was 91 days (compared to 111 days last month) and 26 days for the attached homes
- The detached homes sold, on average, for 90% of asking price – 2 sold for asking price or above. The attached homes sold for an average of 94% of asking.
- 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), compared to none last month.
As of June 2016 there were 288 Rancho Santa Fe homes for sale (98% of these are detached single family homes), an increase of 4% from May. This represents an inventory of 5.3 months for attached homes (down from 6 months in May), and 15.6 months for detached homes at the current rate of sales (based on a 6-month period), down from 15.9 months in May.
The high end market continues to shift in Rancho Santa Fe, and overall is a market that strongly favors buyers of detached single family homes, luxury properties and estates, and has shifted toward a seller's market for attached homes.
The number of Rancho Santa Fe homes coming on the market in June, 59, was up by 1 (2%) compared to May. The number of homes going pending in June, 21 (excluding those that closed escrow), however, decline by 30%.
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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.
SEARCH FOR HOMES FOR SALE IN RANCHO SANTA FE CALIFORNIA
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What’s my Rancho Santa Fe Home Worth? Homes for sale for May 2016
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