What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for February 2019
It’s important for buyers and sellers in the Rancho Santa Fe real estate market to have up to date information about 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, with 1 at $39,000,000!
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Here is a summary of the Rancho Santa Fe housing market for February 2019 based on information from the MLS (private sales are not included). These data are deemed reliable at the time this report was written but are not guaranteed.
- Sales of detached homes for February dropped from 11 last month to 8. There was 1 attached home sale in February, compared to 3 last month. 78% of the transactions were cash, compared to 36% in January.
- The average sales price of the detached homes was $4,013,083, up 68% from the average sales price last month (no doubt impacted by the sale of 5 homes for over $3M, including 2 at more than $6M). The attached home sold for $1,050,000. The median sales price for detached homes was $3,535,000 (up 56%), again impacted by higher priced sales.
- Average marketing time for the detached homes was 114 days compared to 127 in January; the attached property sold in just 2 days.
- The detached homes sold, on average, for 86% of the original asking price; the attached home sold at list price.
- As of the end of February 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) the same as last month.
As of the end of February 2019 there were 191 Rancho Santa Fe homes for sale (95% of these are detached single family homes), up 13% from January and the second consecutive increase in inventory. This represents an inventory of 5 months for attached homes (up from 3 months last month) and 14.7 months for detached homes at the current rate of sales (based on a 6-month period), up from 9.1 months last month.
The high end market continues to shift in Rancho Santa Fe, and is a market that strongly favors buyers for detached single family homes, luxury properties and estates, but remains a seller’s market for buyers of attached properties (condos and town homes).
The number of Rancho Santa Fe homes coming on the market in February dropped slightly, from 50 in January to 47. The number of homes going pending in February, 16 (excluding those that closed escrow), increased again, compared to 12 January pendings!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in February. 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.
And if you wish to sell your Rancho Santa Fe home we should discuss your plans and timing, a free equity analysis, and create a strategy to get your home sold in the time frame that works for you!