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.
Here is a summary of the Rancho Santa Fe real estate market for December 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 December declined, as we saw in other communities, from 26 to 20 (down 23%). There were no attached home sales in December, versus 1 last month. 40% of the transactions were cash, compared to 27% in November.
Home sales were down 5% for detached homes compared to December 2015, and down 100% attached (but keep in mind the volume was only 2 back in December 2015)
The average sales price of the detached homes sold was $3,342,330, a decrease by 7% from the November average sales price, despite the fact that 4 homes sold for over $6M; this is an increase of 24% in average sales price compared to December 2015. The MEDIAN sales price for detached homes was $2,450,000 (down 11%); there were no attached home sales so no median price.
Average marketing time for the detached homes was 121 days (compared to 122 days last month).
The detached homes sold, on average, for 91% of asking price; 2 homes (10%) sold for over asking price, at 102% and 104%.
As of the end of December there was 4 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), up from 1 in November.
As of December 2016 there were 236 Rancho Santa Fe homes for sale (98% of these are detached single family homes), down by 7% from November. This represents an inventory of 5.5 months for attached homes (up from 2.8 months in November) and 10.2 months for detached homes at the current rate of sales (based on a 6-month period), down from 10.6 months in November.
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 is a seller’s market for buyers of attached homes but trending toward becoming a balanced market.
The number of Rancho Santa Fe homes coming on the market in December, 30, was down by 17% compared to November. The number of homes going pending in December, 8 (excluding those that closed escrow), increased, however, by 38%.
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.