Rancho Santa Fe Homes for Sale:
What Happened in the Rancho Santa Fe Real Estate Market Report in March 2012?
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 buying or selling a Rancho Santa Fe home.
The Rancho Santa Fe real estate market is very localized, and the most expensive community, on average, in San Diego County. Knowing what is going on in the market with regard to inventory and sales is important for making a buying or selling decision. Finding comparables for determining price for either a listing or a purchase can sometimes be tricky since many high-end properties are unique.
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Here is a summary of the Rancho Santa Fe real estate market for March 2012 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed.
· Total sales for March rose significantly from February, with 17 detached Rancho Santa Fe homes sold (up 55%); only 1 attached home sold in contrast to 3 last month (there are only 8 attached home listings currently). Of the total sales 35% were cash
· The average sales price of the detached homes sold was $2,571,875, up 54% from February’s average sales price (5 homes sold at $3 million or above)
· The attached home sold at $620,000 (last month’s sales averaged $679K), taking 253 days to sell at 94% of the list price
· Average marketing time for the detached homes was 180 days (compared to 130 last month)
· The detached homes sold, on average, for 93% of asking price. Buyers negotiated a fair amount off asking prices on their home purchases, averaging 6 - 7%
As of the end of March there were 8 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), 2 less than last month, and these are included in the Active statistics below.
As of March 2012 there were 226 Ranch Santa Fe homes for sale (96% of these are detached), 6 more than last month (up 3%). This represents an inventory of only 4.8 months for attached homes (up from 4.7 months in February), and 15.8 months for detached homes at the current rate of sales (based on a 6-month period), which is up from 15.2 months in February.
The number of Rancho Santa Fe homes coming on the market in March increased again significantly to 57 (up 33%), up from 43 last month, with 25 homes going pending during the same period, an increase in pendings by 19% over last month (21).
READ MORE: How Important is Inventory when Buying or Selling? Very!!
What Impact will the Shadow Inventory Have on the Housing Market?
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.
SEARCH FOR HOMES FOR SALE IN RANCHO SANTA FE CALIFORNIA
SEARCH FOR CONDOS FOR SALE IN RANCHO SANTA FE CALIFORNIA
READ MORE:
Rancho Santa Fe Homes for Sale | Rancho Santa Fe Real Estate Market Reports for October 2011
Rancho Santa Fe Homes for Sale | Rancho Santa Fe Real Estate Market Report for September 2011
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