What’s the Value of My Rancho Santa Fe Home? Rancho Santa Fe Home Sales for October 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 often measured in acres. Rancho Santa Fe currently has 8 properties listed at over $10,000,000.
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Here is a summary of the Rancho Santa Fe housing market for October 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 October rose dramatically by 56% to 25 sales compared to last month. There were 3 attached home sales in October, compared to 2 last month. 43% of the transactions were cash, compared to 50% in September.
- The average sales price of the detached homes sold was $4,110,918, up 59% from the average sales price last month (no doubt impacted by the sale of 3 homes at over $9M, including one at $13.3M and 1 at $11M). The average sales price of the attached homes was $918,333, down 7%. The median sales price for detached homes was $3,100,000, and $920,000 for attached properties.
- Average marketing time for the detached homes was 70 days compared to 80 in September, and 27 days for the attached homes compared to 95 last month.
- The detached homes sold, on average, for 93% of asking price, with 1 selling at asking price.
- As of the end of October there were 3 homes in the Rancho Santa Fe real estate market with a Contingent status (i.e., typically these are short sale and REO homes that have offers being reviewed by the lenders) compared to 2 last month – 2 of the 3 are the same short sales awaiting approval.
As of the end of October 2018 there were 214 Rancho Santa Fe homes for sale (98% of these are detached single family homes), a drop of 7% from September. This represents an inventory of 3 months for attached homes (up from 2.6 months last month) and 8.3 months for detached homes at the current rate of sales (based on a 6-month period), down from 8.8 months 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) due to limited inventory.
The number of Rancho Santa Fe homes coming on the market in October was up by 2 to 47 compared to last month. In contrast the number of homes going pending in October, 18 (excluding those that closed escrow), however, decreased, by 18%, from September pendings!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in October. 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!