What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for October 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 12 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 October 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 October dropped modestly from last month, from 19 to 17. There was 1 attached (condos, town homes) home sale in October, versus none last month. 56% of the transactions were cash, compared to 42% in September.
- The average sales price of the detached homes was $2,905,964, down 3% from the average sales price last month. The attached home sold for $1,185,000. The median sales price for detached homes was $2,565,000 (down 1%).
- Average marketing time for the detached homes was 102 days compared to 68 in September.
- The detached homes sold, on average, for 88% of the original asking price – all homes sold for less than original asking price.
- As of the end of October there were no 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 but sometimes they are first right of refusals), the same as last month.
As of the end of October 2019 there were 223 Rancho Santa Fe homes for sale (96% of these are detached single family homes), down 7% from September and the second decline. This represents an inventory of 6 months for attached homes (up from 5 months last month) and 11.4 months for detached homes at the current rate of sales (based on a 6-month period), down from 12.8 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 as it has for some time, and is now a balanced market for buyers of attached properties, a market of continued limited inventory.
The number of Rancho Santa Fe homes coming on the market in October remained stable, at 48. The number of homes going pending in October, 23 (excluding those that closed escrow), dropped modestly from 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.
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!