What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for February 2023
It’s essential for Rancho Santa Fe buyers and sellers to have current information about local market conditions in order to make informed decisions about Rancho Santa Fe homes for sale, whether they are buying, selling, or investing.
The Rancho Santa Fe housing market is the most expensive community in San Diego County on average. There are large estates, gated communities, and luxury and equestrian properties on expansive lots often measured in acres. At the time of this report there are 13 properties listed for more than $10,000,000, with 1 estate at $98,500,000 (co-listed with a Los Angeles brokerage).
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Rancho Santa Fe - Luxury Home Buyer's Paradise in San Diego
Here is a summary of the Rancho Santa Fe housing market for February 2023 based on data from the MLS (private sales are not included). These data are considered reliable at the time this report was written but are not guaranteed.
- There were 15 single family homes sold in February, compared to 14 in January. There was 1 condo sold versus none last month.
- Sales prices ranged from $1,205,000 to $9,000,000
- The average sales price of the single family homes was $4,399,526, 23% lower than the average sales price in January.
- The single family homes were on the market for an average of 93 days, with 2 selling in 1 week or less. The $9M home took over 2 years to sell, with multiple price reductions.
- The median sales price for single family homes was $3,500,000, down 29% from last month.
- On average, single family homes sold for 78% of the original list price. 5 homes sold for the asking price, 1 sold for over list price. The condo sold for $1,205,000, 93% of asking price
- As of the end of February there was 1 home in the Rancho Santa Fe housing market with an Active Under Contract status, compared to none last month.
At the end of February there were 63 Rancho Santa Fe homes for sale (56 are single family detached homes), ranging in price from $1,350,000 to $98,500,000, about the same as last month (64). This is a supply of 3.8 months for detached single family homes at the current rate of sales (based on a 3-month period), down from 5 months in January. As of this writing there are 7 condo and townhouse listings, a supply of 10.5 months at the current rate of sales if no new listings come on the market - only 2 condos have sold in the last 3 months!).
The high end market continues to shift in Rancho Santa Fe, and remains a sellers’ market for single family homes, luxury properties and estates. There is a reasonable supply of condos and townhomes, and based on 3 months of sales (only 2 sales) is a very strong buyers’ market.
The number of Rancho Santa Fe homes coming on the market in February decreased to 24 from 31 last month. Similarly the number of homes going pending decreased from 17 to 12 (excluding homes that closed escrow in February).
If you would like more detailed information about the Rancho Santa Fe housing market regarding current activity, as well as for particular areas such as Fairbanks Ranch and the Covenant, please reach out to me via direct call or text at (760) 840-1360.
I am happy to discuss your particular housing needs, lifestyle and budget, and help develop a strategy to buy a new Rancho Santa Fe home.
If you are considering selling your Rancho Santa Fe home let’s discuss your specific plans and timing. I’ll also provide a free market and equity analysis. Then we can create a plan to get your home sold in the time frame that works for you, for the best price, terms, and conditions!
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READ MORE:
What’s my Rancho Santa Fe Home Worth? Homes for Sale for January 2023
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