What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales Report for September 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 13 properties listed at over $10,000,000, with 1 at $39,000,000!
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Rancho Santa Fe - Luxury Home Buyer's Paradise in San Diego
Here is a summary of the Rancho Santa Fe housing market for September 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 September were the same as last month, at 19. There were no attached (condos, town homes) home sales in September, versus 3 last month. 42% of the transactions were cash, compared to 41% in August.
- The average sales price of the detached homes was $3,009,626, up 9% from the average sales price last month. The median sales price for detached homes was $2,600,000 (down 16%).
- Average marketing time for the detached homes was 68 days compared to 93 in August.
- The detached homes sold, on average, for 92% of the original asking price; 2 detached home buyers paid over asking price for their new homes.
- As of the end of September there were 0 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 2 last month.
As of the end of September 2019 there were 240 Rancho Santa Fe homes for sale (96% of these are detached single family homes), down 7% from August and the first decline following 8 months of inventory increase. This represents an inventory of 5 months for attached homes (up from 2.8 months last month) and 12.8 months for detached homes at the current rate of sales (based on a 6-month period), down from 13.9 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 (with greater opportunities for negotiation) as it has for some time, and is a 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 September dropped from 52 in August to 48 (down 8%). The number of homes going pending in September, 27 (excluding those that closed escrow), was up substantially from 14 pendings last month!
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 for further discussion.
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!
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READ MORE:
What’s my Rancho Santa Fe Home Worth? Homes for Sale for August 2019
