What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report for January 2020
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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Rancho Santa Fe - Luxury Home Buyer's Paradise in San Diego
Here is a summary of the Rancho Santa Fe housing market for January 2020 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 January were higher than last month, rising from 18 to 20. There were 4 attached (condos, town homes) home sales in January, vs. 1 last month. 21% of the transactions were for cash.
- The average sales price of the detached homes was $2,564,100, up 5% from the average sales price last month. The average price of the attached homes was $970,000. The median sales price for detached homes was $2,300,000 (down 3%).
- Average marketing time for the detached homes was 108 days up from 78 days last month. The attached homes averaged 31 days on the market.
- The detached homes sold, on average, for 89% of the original asking price – all but 1 home sold for less than original asking price. The attached homes sold for 100% of asking price – this is inflated some given that 1 home sold at 110% which raised the average.
- As of the end of January there were 3 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. These are all first right of refusals.
As of the end of January 2020 there were 188 Rancho Santa Fe homes for sale (92% of these are detached single family homes), down 16% from December and the 5th decline. This represents an inventory of 6.4 months for attached homes (down from 7.5 months last month) and 7.8 months for detached homes at the current rate of sales (based on a 6-month period), up from 7.1 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, but has become a balanced market for attached properties.
The number of Rancho Santa Fe homes coming on the market in January doubled from December, from 23 to 58. In contrast, the number of homes going pending in January, 19 (excluding those that closed escrow), dropped modestly 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 2020.
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 December 2019
