What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for April 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 8 properties listed at over $10,000,000, with 1 at $39,000,000!
If you are thinking about buying a home now or in the near future, you should read 8 Things to Know about Buying a Home in the Pandemic for some important information you should be aware of and think about.
LEARN MORE ABOUT RANCHO SANTA FE:
Here is a summary of the Rancho Santa Fe housing market for April 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 12 sales of detached homes for April, compared to 15 last month. In contrast there were 2 attached (condos, town homes) home sales in April vs. 7 last month. 43% of the transactions were for cash.
- The average sales price of the detached homes was $2,979,166, down 17% from the average sales price last month, and no doubt impacted by the sale of 11 homes over $3M with 1 selling at $9M last month that raised the average. The average price of the 2 attached home sales was $1,274,142, down 30% from last month’s average (with 5 of the 7 sales above $1M). The median sales price for detached homes was $2,462,500 (29% lower), and was $897,000 for attached home sales, 25% lower than in March.
- Average marketing time for the detached homes was 80 days up from 78 days last month. The 2 attached homes sold in 23 and 40 days on the market.
- The detached homes sold, on average, for 86% of the original asking price with several well below asking price – 1 home sold for original asking price. The 2 attached homes sold for 96% and 100% of original asking price.
- As of the end of April 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 some first right of refusals) the same as the last 2 months.
At the end of April 2020 there were 170 Rancho Santa Fe homes for sale (95% of these are detached single family homes), ranging in price from $629,000 to $39,000,000, about the same as in March (169) following inventory declines for 7 months. This represents inventory of 2 months for attached homes (up from less than 1 month in March) and 11 months for detached homes at the current rate of sales (based on a 6-month period), up from 9.6 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 quite some time, but is a very strong sellers market for attached properties with 8 available listings.
The number of Rancho Santa Fe homes coming on the market in April rose modestly from 29 in March to 32, despite the pandemic. The number of homes going pending in April, 8 (excluding those that closed escrow), also dropped from last month’s 16 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!
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 when buying or selling.