What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Market Report for November 2017
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 on expansive lots. Indeed, the most expensive listing in San Diego County, at $85 million, is in RSF.
READ MORE ABOUT RANCHO SANTA FE:
Rancho Santa Fe - Luxury Home Buyer's Paradise in San Diego
Here is a summary of the Rancho Santa Fe real estate market for November 2017 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 November declined by 6% to 17. There were 2 attached home sales in November, the same as last month. 47% of the transactions were cash, compared to 35% in September
- The average sales price of the detached homes sold was $2,717,470, an increase by 5% from the October average sales price. The attached homes sold for an average of $1,028,500, up 34%. The MEDIAN sales price for detached homes was $2,600,000 (up 27%) and $1,028,500 for attached (up 34%)
- Average marketing time for the detached homes was 96 days compared to 121 in October, and 98 days for the attached homes, vs. 46 in October.
- The detached homes sold, on average, for 89% of asking price; the attached homes, on average, sold for 95% of list price; 3 homes sold for the asking price or better (16%).
- As of the end of November 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), one of which went contingent back in August – these are short sales.
As of the end of November 2017 there were 197 Rancho Santa Fe homes for sale (99% of these are detached single family homes), down 10% from last month. This represents an inventory of 4 months for attached homes (up from 3.4 months in October) and 7.2 months for detached homes at the current rate of sales (based on a 6-month period), 7.9 months in October.
The high end market continues to shift in Rancho Santa Fe, and overall is a market that is becoming a balanced market for detached single family homes, luxury properties and estates, but remains a strong seller’s market for buyers of attached homes.
The number of Rancho Santa Fe homes coming on the market in November, 34, was down 35% from last month. The number of homes going pending in November, 16 (excluding those that closed escrow), also decreased, by 30%!
Data are based on MLS information 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 get in touch with me at (760) 840-1360. I am also happy to discuss your housing needs and budget and help you develop a strategy to get you into your new Rancho Santa Fe home in 2017.
And if you wish to sell your Rancho Santa Fe home we should discuss your plans and timing, the market value, and create a strategy to get your home sold in the time frame that works for you!
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READ MORE:
What’s my Rancho Santa Fe Home Worth? Homes for Sale for October 2017
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