What’s the Value of my Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report for July 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, one at $28,000,000 and one range-priced from $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 July 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 July remained steady at 26 sales compared to last month. There were 2 attached home sales in July, the same as in June. 39% of the transactions were cash, compared to 29% in June.
- The average sales price of the detached homes sold was $2,590,732, a decrease by 6% from the June average sales price (in large part due to the sale of 8 homes at over $3M last month that had raised the average). The average sales price of the attached homes was $1,171,250, up 37%. The median sales price for detached homes was $2,109,500 (down 23%).
- Average marketing time for the detached homes was 82 days compared to 75 in June, and 58 days for the attached homes compared to 19 last month.
- The detached homes sold, on average, for 90% of asking price, with 5 selling at or above asking price.
- As of the end of July there was 1 home 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 compared to 2 last month.
As of the end of July 2018 there were 239 Rancho Santa Fe homes for sale (97% of these are detached single family homes), another modest increase in inventory, by 2% from last month. This represents an inventory of 2.6 months for attached homes (down from 3 months last month) and 10.2 months for detached homes at the current rate of sales (based on a 6-month period), down from 11.2 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 July (42) was down 11% from last month. However, the number of homes going pending in July, 27 (excluding those that closed escrow), increased, by 23%, from June pendings!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in July. 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!