What’s the Value of my Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for June 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 June 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 June dropped from 26 last month to 18. There were 6 attached (condos, town homes) home sales in June, compared to 3 last month. 29% of the transactions were cash, versus 34% in May.
- The average sales price of the detached homes was $2,427,575, down 17% from the average sales price last month (no doubt impacted by the sale of 4 homes last month for over $4M that raised the average substantially). The average price of the attached homes was $812,879, down 22%. The median sales price for detached homes was $2,250,500 (down 19%), again impacted by the higher priced sales last month compared to June.
- Average marketing time for the detached homes was 123 days compared to 91 in May; the attached properties sold in an average of 63 days (versus 42 days last month).
- The detached homes sold, on average, for 91% of the original asking price; the attached homes sold at 94% of original list price. 3 buyers paid asking price or better for their new homes.
- As of the end of June there were 2 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 4 last month. 1 home is a short sale, and the other is a first right of refusal.
As of the end of June 2019 there were 246 Rancho Santa Fe homes for sale (96% of these are detached single family homes), up 8% from May and the 6th consecutive increase in inventory. This represents an inventory of 2.1 months for attached homes (the same as last month) and 11.1 months for detached homes at the current rate of sales (based on a 6-month period), down from 12.5 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 as it has for some time, and remains a strong seller’s market for buyers of attached properties (condos and town homes), a market of very limited inventory in the latter case.
The number of Rancho Santa Fe homes coming on the market in June rose from 49 in May to 54 (up 10%). The number of homes going pending in June, 18 (excluding those that closed escrow), was the same as last month!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in June. 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.
If you are considering selling your Rancho Santa Fe home we should discuss your plans and timing, a free market and equity analysis, and create a strategy to get your home sold in the time frame that works for you!