What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for November 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 November 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 November dropped slightly, by 1, to 24 sales compared to last month. There were 2 attached home sales in November, compared to 3 last month. 38% of the transactions were cash, compared to 43% in October.
- The average sales price of the detached homes was $2,520,512, down 39% from the average sales price last month (no doubt impacted by the sale of 3 homes last month at over $9M, including one at $13.3M and 1 at $11M, that had raised last month's average substantially). The average sales price of the attached homes was $907,500, down 1%. The median sales price for detached homes was $2,142,500, and $907,500 for the attached homes.
- Average marketing time for the detached homes was 122 days compared to 70 in October, and 106 days for the attached homes compared to 27 last month.
- The detached homes sold, on average, for 89% of asking price, with 3 selling at asking price.
- As of the end of November there were 2 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 3 last month – both homes are short sales still awaiting approval.
As of the end of November 2018 there were 195 Rancho Santa Fe homes for sale (96% of these are detached single family homes), a drop of 9% from October. This represents an inventory of 3 months for attached homes (the same as last month) and 8.7 months for detached homes at the current rate of sales (based on a 6-month period), up from 8.3 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 remains 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 November was down by 34% to 31 compared to last month. Similarly the number of homes going pending in November, 11 (excluding those that closed escrow), also decreased, by 18%, from October pendings!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in November. 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!