What’s the Value of My Rancho Santa Fe Home Worth?
Rancho Santa Fe Real Estate Market Report for March 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 10 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 March 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 March dropped from 8 last month to 7. There were 3 attached home sales in March, compared to 1 last month. Only 10% of the transactions were cash, compared to 78% in February.
- The average sales price of the detached homes was $2,147,714, down 47% 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, last month that raised the average substantially). The average price of the attached homes was $978,391. The median sales price for detached homes was $2,150,000 (down 39%), again impacted by lower priced sales compared to last month.
- Average marketing time for the detached homes was 96 days compared to 114 in February; the attached properties sold in an average of 24 days.
- The detached homes sold, on average, for 91% of the original asking price; the attached homes sold at 98% of original list price.
- As of the end of March there were 2 detached 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) versus 5 last month. 1 is a short sale and 1 is an REO, both awaiting approvals.
As of the end of March 2019 there were 194 Rancho Santa Fe homes for sale (95% of these are detached single family homes), up 2% from February and the 3rd consecutive increase in inventory. This represents an inventory of 5.1 months for attached homes (up from 5 months last month) and 20.8 months for detached homes at the current rate of sales (based on a 6-month period), up from 14.7 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 March rose, from 47 in February to 54 (up 15%). The number of homes going pending in March, 23 (excluding those that closed escrow), increased again, compared to 16 February pendings!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in March. 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!