What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report January 2018
As a buyer or seller in the Rancho Santa Fe real estate market, having information about current local 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, 2 of the more expensive listings in San Diego County, at $28,000,000 and $39,900,000 - $44,975,000, are in RSF.
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Here is a summary of the Rancho Santa Fe real estate market for January 2018 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 January decreased by 46% to 13. There were 2 attached home sales in January, compared to none last month. 40% of the transactions were cash, compared to 21% in December
- The average sales price of the detached homes sold was $2,304,807, a decrease by 18% from the December average sales price. The 2 attached homes sold for an average of $1,100,000. The MEDIAN sales price for detached homes was $2,300,000 (down 2%) and $1,100,000 for attached homes.
- Average marketing time for the detached homes was 102 days compared to 86 in December, and 34 days for attached homes.
- The detached homes sold, on average, for 90% of asking price, all under asking price. The attached homes averaged 93% of list price.
- As of the end of January there was 1 home in the Rancho Santa Fe real estate market with a Contingent status (i.e., typically these are short sale and REO homes that had offers being reviewed).
As of the end of January 2018 there were 181 Rancho Santa Fe homes for sale (97% of these are detached single family homes), up 2% from last month. This represents an inventory of 3.8 months for attached homes (down from 4.6 months in December) and 9.6 months for detached homes at the current rate of sales (based on a 6-month period), up from 8.6 months in December.
The high end market continues to shift in Rancho Santa Fe, and is a market that is a buyers market for detached single family homes, luxury properties and estates, but remains a seller’s market for buyers of attached homes.
The number of Rancho Santa Fe homes coming on the market in January, 59, was more than double the number last month...good news for buyers. The number of homes going pending in January, 22 (excluding those that closed escrow), also increased significantly, by 83%!
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 2018.
And if you wish to sell your Rancho Santa Fe home we should discuss your plans and timing, the current market value, and create a strategy to get your home sold in the time frame that works for you!