What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report February 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 9 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 February 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.
- There were fewer sales of detached homes for February, 17 as compared to 20 last month. There were 3 attached (condos, town homes) home sales in February vs. 4 last month. 30% of the transactions were for cash.
- The average sales price of the detached homes was $2,740,070, up 7% from the average sales price last month. The average price of the attached homes was $841,333, down 13% from last month’s average. The median sales price for detached homes was $2,750,000 (20% higher).
- Average marketing time for the detached homes was 114 days up from 108 days last month. The attached homes averaged 84 days on the market – 1 home took 248 days to sell, 1 sold before being listed, and the 3rd took 5 days to sell.
- The detached homes sold, on average, for 89% of the original asking price – 2 homes sold for original asking price. The attached homes sold for 96% of asking price, with 1 at asking.
- As of the end of February 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) versus 3 last month.
As of the end of February 2020 there were 185 Rancho Santa Fe homes for sale (97% of these are detached single family homes), 3 fewer than in January and the 6th decline. This represents an inventory of only 1.7 months for attached homes (down from 6.4 months last month) and 9.8 months for detached homes at the current rate of sales (based on a 6-month period), up from 7.8 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 quite some time, but has shifted from a balanced market to one favoring sellers for attached properties.
The number of Rancho Santa Fe homes coming on the market in February dropped from 58 in January to 47 (down 19%). In contrast, the number of homes going pending in February, 23 (excluding those that closed escrow), rose modestly from last month’s 19 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 would be pleased 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 January 2020
