What’s the Value of My Rancho Santa Fe Home?
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. Knowing what is going on in the market with regard to inventory and sales is important for making an informed buying or selling decision.
Here is a summary of the Rancho Santa Fe real estate market for February 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 February increased significantly, from 10 to 17 (up 70%). There were 5 attached home sales in February, versus 2 last month. 36% of the transactions were cash, compared to 75% in January
The average sales price of the detached homes sold was $2,127,310, a decrease by 36% from the January average sales price. The average price of the attached homes that were sold was $741,835, down 19% from the average of the 2 homes sold last month. The MEDIAN sales price for detached homes was $1,750,000 (up 2%); the median price of the attached homes was $758,000 (down 17%).
Average marketing time for the detached homes was 91 days (the same as last month). The attached homes sold in an average of 45 days
The detached homes sold, on average, for 90% of asking price; the attached homes sold, on average, at 96% of list price; 3 (14%) homes sold for asking price or better.
As of the end of February there was 1 home in the Rancho Santa Fe real estate market with a Contingent status (i.e., short sale and REO homes that had offers being reviewed), compared to 2 last month.
As of the end of February 2017 there were 236 Rancho Santa Fe homes for sale (97% of these are detached single family homes), the same as last month. This represents an inventory of 2.4 months for attached homes (down from 2.8 months in January) and 11.2 months for detached homes at the current rate of sales (based on a 6-month period), up from 10.4 months in January.
The high end market continues to shift in Rancho Santa Fe, and overall is a market that strongly favors buyers of detached single family homes, luxury properties and estates, but is a strong seller’s market for buyers of attached homes.
The number of Rancho Santa Fe homes coming on the market in February, 47, was down 16% from the number of new listings in January. The number of homes going pending in February, 19 (excluding those that closed escrow), also decreased, by 19%!
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.