What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for April 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, the most expensive community, on average, in San Diego County, has large estates, gated communities, and luxury and equestrian properties on expansive lots.
Right now 2 of the more expensive listings in San Diego County, one at $28,000,000 and one with a range of $33,963,000 - $39,963,000, are still active in RSF.
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Here is a summary of the Rancho Santa Fe housing market for April 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 April dropped from March to 18 sales (down 42%). There was only 1 attached home sale in April, compared to 4 last month. 42% of the transactions were cash, compared to 43% in March.
- The average sales price of the detached homes sold was $2,976,143, an increase by 29% from the March average sales price (in part due to the sale of 3 homes at over $4M, one at over $9M). The sales price of the attached home was $770,000.The median sales price for detached homes was $2,300,000 (down 2%).
- Average marketing time for the detached homes was 93 days compared to 22 in March, but only 5 days for the attached home.
- The detached homes sold, on average, for 87% of asking price, with all sold below asking price. The attached home sold at list price.
- As of the end of April there were 4 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 3 last month (these are the same homes).
As of the end of April 2018 there were 221 Rancho Santa Fe homes for sale (98% of these are detached single family homes), an increase in inventory by 9% from last month. This represents an inventory of 1 month for attached homes (down from 1.7 months in March) and 10.6 months for detached homes at the current rate of sales (based on a 6-month period), the same as last month.
The high end market continues to shift in Rancho Santa Fe, and is a market that 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 April (66) was up by 25% from last month. Similarly, the number of homes going pending in April, 31 (excluding those that closed escrow), increased by 41% from March!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in April. 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 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!