What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report for January 2019
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 10 properties listed for sale for more than $10,000,000.
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Here is a summary of the Rancho Santa Fe housing market for January 2019 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 January dropped significantly from 18 last month to 11. There were 3 attached home sales in January, compared to 1 last month. 36% of the transactions were cash, compared to 21% in December.
- The average sales price of the detached homes was $2,389,772, down 5% 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 last month). The average price for the attached homes sold was $1,011,666. The median sales price for detached homes was $2,260,000 (down 7%), and $975K for the attached homes.
- Average marketing time for the detached homes was 127 days compared to 98 in December, and 22 days for the attached homes.
- The detached homes sold, on average, for 88% of asking price, the attached homes for 93%, with no homes selling at or above asking price.
- As of the end of January there were 5 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 – 4 of the homes are short sales awaiting approval, one is a first right of refusal due to a contingent offer.
As of the end of January 2019 there were 168 Rancho Santa Fe homes for sale (96% of these are detached single family homes), a modest increase in inventory by 6% from December. This represents an inventory of 3 months for attached homes (the same for the last 3 months), a seller's market, and 9.1 months for detached homes at the current rate of sales (based on a 6-month period), up from 6.9 months last month and a market that favors buyers.
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 January was up significantly, from 14 in December to 50. The number of homes going pending in January, 12 (excluding those that closed escrow), increased by 2 from December pendings!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in January. 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 2019, 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!