What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for August 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!
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Here is a summary of the Rancho Santa Fe housing market for August 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 August rose from 16 last month to 19. There were 3 attached (condos, town homes) home sales in August, the same as last month. 41% of the transactions were cash, versus 42% in July.
- The average sales price of the detached homes was $2,754,022, up 28% from the average sales price last month (no doubt impacted by the sale of 4 homes for over $4M with one selling at $11.65M that raised the average substantially). The average price of the attached homes was $890,000, down 27%. The median sales price for detached homes was $3,100,000 (up 13%) and $940,000 for attached homes (up 22%), both impacted by the higher priced sales in August compared to July.
- Average marketing time for the detached homes was 93 days compared to 88 in July; the attached properties sold in an average of 89 days (versus only 26 days last month).
- The detached homes sold, on average, for 91% of the original asking price; the attached homes sold at 93% of original list price. 3 home buyers paid asking price for their new homes.
- As of the end of August 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 1 last month. 1 home is a short sale, 1 if a court approval.
As of the end of August 2019 there were 257 Rancho Santa Fe homes for sale (96% of these are detached single family homes), up 3% from July and the 8th consecutive increase in inventory. This represents an inventory of 2.8 months for attached homes (up from 2 months last month) and 13.9 months for detached homes at the current rate of sales (based on a 6-month period), up from 11.9 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, but remains a strong seller’s market for buyers of attached properties, a market of continued limited inventory.
The number of Rancho Santa Fe homes coming on the market in August rose from 42 in July to 52 (up 24%), good news for buyers. The number of homes going pending in August, 14 (excluding those that closed escrow), was down from 18 pendings last month!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in August. 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 analysis, and create a strategy to get your home sold in the time frame that works for you!