What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report for May 2018
It’s important for buyers and sellers in the Rancho Santa Fe real estate market to have up to date information about the current local market conditions to be able to make informed decisions about Rancho Santa Fe homes for sale whether buying, selling or investing.
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 still active in RSF.
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Here is a summary of the Rancho Santa Fe housing market for May 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 May dropped from April to 16 sales (down 11%). There 4 attached home sales in May, compared to 1 last month. 60% of the transactions were cash, compared to 42% in April.
- The average sales price of the detached homes sold was $2,157,630, a decrease by 28% from the April average sales price (in large part due to the sale of 3 homes at over $4M, one at over $9M last month that raised the average significantly). The average sales price of the attached homes was $948,250.The median sales price for detached homes was $1,825,000 (down 21%).
- Average marketing time for the detached homes was 62 days compared to 93 in April, but only 11 days for the attached homes.
- The detached homes sold, on average, for 97% of asking price, with 2 selling above asking. 1 attached home sold at list price.
- As of the end of May 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) the same as last month (2 of these have been contingent since March).
As of the end of May 2018 there were 229 Rancho Santa Fe homes for sale (98% of these are detached single family homes), another increase in inventory, by 4% from last month. This represents an inventory of 1.4 months for attached homes (up from 1 month in April) and 10.1 months for detached homes at the current rate of sales (based on a 6-month period), down from 10.6 months last month.
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 very strong seller’s market for buyers of attached homes (condos and town homes) due to very limited inventory.
The number of Rancho Santa Fe homes coming on the market in May (66) was the same as last month. The number of homes going pending in May, 33 (excluding those that closed escrow), increased by 2 pendings from April!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in May. 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, or to sell your current home.
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!