What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for April 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 11 properties listed at over $10,000,000, with 1 at $39,000,000!
LEARN MORE ABOUT RANCHO SANTA FE:
Here is a summary of the Rancho Santa Fe housing market for April 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 April rose significantly from 7 last month to 17. There were 4 attached home sales in April, compared to 3 last month. 24% of the transactions were cash, compared to 10% in March.
- The average sales price of the detached homes was $3,475,676, up 62% from the average sales price last month (no doubt impacted by the sale of 7 homes for over $4M that raised the average substantially). The average price of the attached homes was $921,375, down 6%. The median sales price for detached homes was $3,600,000 (up 67%), again impacted by higher priced sales compared to last month.
- Average marketing time for the detached homes was 118 days compared to 114 in March; the attached properties averaged 56 days on the market.
- The detached homes sold, on average, for 89% of the original asking price; the attached homes sold at 95% of original list price.
- As of the end of April there was 1 home 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 2 last month. This home is a short sale.
As of the end of April 2019 there were 225 Rancho Santa Fe homes for sale (95% of these are detached single family homes), up 16% from March and the 4th consecutive increase in inventory. This represents an inventory of 4.1 months for attached homes (down from 5.1 months last month) and 19 months for detached homes at the current rate of sales (based on a 6-month period), down from 20.8 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), a market of limited inventory in the latter case.
The number of Rancho Santa Fe homes coming on the market in April rose, from 54 in March to 69 (up 28%). The number of homes going pending in April, 21 (excluding those that closed escrow), decreased, compared to 23 pendings in March!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in April. 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 market analysis, and create a strategy to get your home sold in the time frame that works for you!