What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report for December 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 12 properties listed at over $10,000,000.
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Here is a summary of the Rancho Santa Fe housing market for December 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 December dropped from 24 the prior month to 18. There was 1 attached home sale in December, compared to 2 last month. 21% of the transactions were cash, compared to 38% in November.
- The average sales price of the detached homes was $2,520,512, up 8% from the average sales price last month (no doubt impacted by the sale of 6 homes for over $3M, including one at $8M, that raised the average). The attached home sold for $619,000. The median sales price for detached homes was $2,420,000 (up 13%).
- Average marketing time for the detached homes was 98 days compared to 122 in November, and only 10 days for the attached home compared to 27 last month.
- The detached homes sold, on average, for 87% of asking price, with 3 selling at or above asking price.
- As of the end of December 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 – all 3 homes are short sales awaiting approval.
As of the end of December 2018 there were 159 Rancho Santa Fe homes for sale (96% of these are detached single family homes), a drop of 18% from November. This represents an inventory of 3 months for attached homes (the same for the last 2 months) and 6.9 months for detached homes at the current rate of sales (based on a 6-month period), down from 8.7 months last month.
The high end market continues to shift in Rancho Santa Fe, and is a market that slightly 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 December was down significantly, by 55%, to 14 compared to last month, but this was not a surprise given the holidays. The number of homes going pending in December, 10 (excluding those that closed escrow), also decreased, but only by 1, from November pendings!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in December. 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!