What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for March 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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Here is a summary of the Rancho Santa Fe housing market for March 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 March, 15 as compared to 17 last month. In contrast there were 7 attached (condos, town homes) home sales in March vs. 3 last month. 32% of the transactions were for cash.
- The average sales price of the detached homes was $3,573,178, up 30% from the average sales price last month, and no doubt impacted by the sale of 11 homes over $3M with 1 selling at $9M. The average price of the attached homes was $1,274,142, up 51% from last month’s average (with 5 of the 7 sales above $1M). The median sales price for detached homes was $3,450,000 (25% higher), and was $1,203,000 for attached home sales.
- Average marketing time for the detached homes was 78 days, down from 114 days last month. The attached homes averaged 67 days on the market.
- The detached homes sold, on average, for 94% of the original asking price – 2 homes sold for original asking price with 1 at 109%. The attached homes sold for 96% of asking price on average, with 1 sale at the asking price.
- As of the end of March 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) the same as last month.
At the end of March 2020 there were 169 Rancho Santa Fe homes for sale (98% of these are detached single family homes), 9% fewer than in February and the 7th consecutive decline. This represents an inventory of less than 1 month for attached homes (down from 1.7 months last month) and 9.6 months for detached homes at the current rate of sales (based on a 6-month period), down from 9.8 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 is a very strong sellers market for attached properties with only 3 available listings as of the end of March
The number of Rancho Santa Fe homes coming on the market in March dropped from 47 in February to 29 (down 38%), perhaps not a surprise given the current health crisis. The number of homes going pending in March, 16 (excluding those that closed escrow), also dropped from last month’s 23 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, lifetyle, questions, 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!
NOTE: Be aware there are specific CDC recommendations in place to help keep everyone safe, and some new procedures as the result of the Stay-at-Home Order that impact home purchases and sales in our area. Much of the real estate transaction is now being done virtually. I am happy to share that information with you and answer any questions about what this means for buyers and sellers, and what to expect.