What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report for December 2019
Buyers and sellers in the Rancho Santa Fe real estate market should have up to date information about current local market conditions in order to make educated 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 December 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 December dropped significantly from last month, from 29 to 18. There was 1 attached (condos, town homes) home sale in December, the same as last month. 47% of the transactions were for cash.
- The average sales price of the detached homes was $2,430,916, down 22% from the average sales price last month. The attached home sold at $826,540. The median sales price for detached homes was $2,365,000 (down 1%).
- Average marketing time for the detached homes was 78 days, down from 102 days last month. The attached home took 55 days to sell.
- The detached homes sold, on average, for 91% of the original asking price – all but 1 home sold for less than original asking price.
- As of the end of December there were 4 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 3 last month. These are all first right of refusals.
As of the end of December 2019 there were 223 Rancho Santa Fe homes for sale (94% of these are detached single family homes), down 25% from November and the 4th decline. This represents an inventory of 7.5 months for attached homes (down from 9.8 months last month) and 7.1 months for detached homes at the current rate of sales (based on a 6-month period), down from 8.6 months last month.
The high end market continues to shift in Rancho Santa Fe, and is a market that favors buyers for detached single family homes, luxury properties and estates as it has for some time, as well as being a buyers market for attached properties.
The number of Rancho Santa Fe homes coming on the market in December dropped again, from 30 to 23. In contrast, the number of homes going pending in December, 22 (excluding those that closed escrow), increased from last month’s pendings!
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!