What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for July 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 $29,995,000!
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Here is a summary of the Rancho Santa Fe housing market for July 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 27 sales of detached homes for July, 35% more than last month. In contrast there were no attached (condos, town homes) home sales in July compared to 4 last month. 52% of the transactions were for cash.
- The average sales price of the detached homes was $3,256,646, up 6% from the average sales price last month, and no doubt impacted by the sale of 6 homes over $4M with 1 selling at $12M that raised the average compared to last month. The median sales price for detached homes was $2,800,000 (1% lower).
- Average marketing time for the detached homes was 96 days compared to 86 days last month.
- The detached homes sold, on average, for 91% of the original asking price with several well below asking price – 1 detached home sold for original asking price.
- As of the end of July there were 2 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 0 for the last 4 months. Both are first right of refusals.
At the end of July 2020 there were 166 Rancho Santa Fe homes for sale (96% of these are detached single family homes), ranging in price from $899,000 to $29,995,000, 10% fewer than in June. This represents inventory of 4.5 months for attached homes (up from 2 months in June) and 8.3 months for detached homes at the current rate of sales (based on a 6-month period), down from 12.3 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 sellers’ market for attached properties with only 6 available listings.
The number of Rancho Santa Fe homes coming on the market in July declined from 56 in June to 51, but still a good number of new listings despite the pandemic. In contrast the number of homes going pending in July, 44 (excluding those that closed escrow), increased significantly from last month’s 33 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!
There are specific recommendations in place to help keep everyone safe, and some new procedures as the result of the SIP Order that impact home purchases and sales in our area. 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.