What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for March 2018
Buyers and sellers in the Rancho Santa Fe real estate market need up to date information about the current market conditions to be able to make informed decisions about Rancho Santa Fe homes for sale.
The Rancho Santa Fe housing market is 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 a range of $33,963,000 - $39,963,000, are in RSF.
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Here is a summary of the Rancho Santa Fe housing market for March 2018 based on information from the MLS (private sales are not included). These data are deemed reliable at the time of this report but are not guaranteed.
- Sales of detached homes for March rose dramatically from February to 31 sales. There were 4 attached home sales in March, compared to 1 last month. 43% of the transactions were cash, compared to 38% in January.
- The average sales price of the detached homes sold was $2,304,807, an increase by 16% from the February average sales price (in part due to the sale of 5 homes at over $4M). The average price of the attached homes was $1,107,500.The median sales price for detached homes was $2,350,000 (down 6%) and $1,052,500 for attached.
- Average marketing time for the detached homes was 62 days compared to 52 in February, and 91 days for the attached homes.
- The detached homes sold, on average, for 91% of asking price, with 5 selling at or above asking price. One attached home sold for list price.
- As of the end of March there were 3 homes in the Rancho Santa Fe real estate market with a Contingent status (i.e., typically there are short sale and REO homes that had offers being reviewed by the lenders) compared to 1 last month.
As of the end of March 2018 there were 202 Rancho Santa Fe homes for sale (98% of these are detached single family homes), an increase in inventory by 15% from last month. This represents an inventory of 1.7 months for attached homes (down from 2 months in February) and 10.6 months for detached homes at the current rate of sales (based on a 6-month period), down from 10.7 months in February.
The high end market continues to shift in Rancho Santa Fe, and is a market that still favors buyers for detached single family homes, luxury properties and estates, but is a strong seller’s market for buyers of attached homes (condos and town homes).
The number of Rancho Santa Fe homes coming on the market in March (53) was up 13% from last month. However, the number of homes going pending in March, 22 (excluding those that closed escrow), decreased by 27% from February!
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 call me at (760) 840-1360. I am happy to discuss your housing needs and budget, and then help you develop a strategy to buy 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, a free market analysis, and create a strategy to get your home sold in the time frame that works for you!