Rancho Santa Margarita Real Estate Market Report - March 2011
Rancho Santa Margarita is a city in Orange County, California. One of the County's youngest cities, Rancho Santa Margarita is a master planned community set within rolling hills. Most neighborhoods in Rancho Santa Margarita are located within homeowners associations. The population is approximately 51,423.
Rancho Santa Margarita is recognized as one of the safest cities in California. The City is dedicated in its crime fighting strategy, as well as maintaining an atmosphere of community. There are a variety of community policing programs available to residents and businesses in the City. Police Services encourages you to participate in these programs and aid in our endeavor to preserve the quality of life in Rancho Santa Margarita.
Rancho Santa Margarita Real Estate Market Report - March 2011
Sales Volume Rises 63%. The number of homes sold in Rancho Santa Margarita rose dramatically in March 2011 with the greatest increase in volume coming from the detached home segment of the market (49 sold in March vs. 21 sold in February).
RSM Average Sale Price Up 19% ! Overall (all homes sold) the average sales price rose a hefty 19% in March (from February) primarily due to the increased ratio of detached to attached homes sold. Although the average sale price rose from February to March the year to date average sale price (1/1/11 - 3/31/11) of $396,493 remains about 9% lower than the year to date average price from the same timeframe in 2010 (1/1/10 - 3/31/10).
Inventory Levels Tightening. Although the number of homes added to the market in March (89) still exceeded the number of homes sold in March (80) this ratio, 1.1 to 1, is a far cry from the February ratio of 1.33 to 1 (65 homes added and 49 sold in February). Pending sales increased and the absorption rate, a useful buying/selling gauge in real estate, in RSM has dropped down to 8.57 months (Read More About This: Absorption Rate 101 - Why Inventory Levels Matter! ) Absorption rates of 5 - 6 months indicate a neutral market; anything higher is considered a buyer's market. So, while it remains a buyer's market in Rancho Santa Margarita the "needle" shifted considerably in the direction of a neutral market in March (Read More About This: Rancho Santa Margarita Absorption Rate Report - April 18th, 2011).
89 homes came on the market in RSM during March (Up from 65 in February).
58 RSM homes went in to "Pending Sale" status in March (Up from 22 in February).
March 2011 Total Detached Attached Homes Sold
(MoM Comparison)80 (Up 63%) 49 (Up 233%) 33 (Up 10%) Average Price
(March vs. February)$419,883 (Up 19%) $551,088 (Up 7%) $267,400 (Up 6%) Active Status Listings
346 173 173 YTD Sales Volume
(YoY Comparison)190 (Up 4%) 104 (No Change) 84 (Up 9%) YTD Avg. Price
(YoY Comparison)$396,493 (Down 9%) $520,603 (Down 9%) $277,500 (Down 1%)
Homes Sold: # of homes sold during the month and compared to the previous month.
Average Price: The average price for homes sold during the month & compared to the previous month.
Active Status Listings: All homes in Active status in the MLS as of March 31st, 2011.
YTD Sales Volume: # of closed sales year to date & compared to the prior year thru the same month.
YTD Average Price: Average price year to date & compared to prior year avg. price thru the same month.
Rancho Santa Margarita real estate statistics often change rapidly from month to month. The volume of sales, average price, median price and inventory vary based upon market forces that are complex and ever-changing. Using accurate information is vital for both buyers and sellers when making real estate decisions. Accurate sales statistics enable sellers to price their homes competitively and fairly while providing buyers with confidence as they make an offer based upon valid market conditions. Following the real estate trends in RSM over many months, rather than for one particular month, will yield more reliable conclusions and improved buying and selling decisions.
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