What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Homes Sales for August 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 12 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 August 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 38 sales of detached homes for August, 41% more than last month. There were 3 attached (condos, town homes) home sales in August versus no sales last month. 54% of the transactions were for cash.
- The average sales price of the detached homes was $3,634,478, up 12% from the average sales price last month, and no doubt impacted by the sale of 6 homes over $5M with 1 at $12M and 1 at $20M that raised the average compared to last month. The median sales price for detached homes was $2,710,000 (3% lower).
- Average marketing time for the detached homes was 77 days compared to 96 days last month.
- The detached homes sold, on average, for 94% of the original asking price with several well below asking price, and attached homes at 92% on average; 10 buyers paid full price or more for their new homes.
- As of the end of August there was 1 home in the Rancho Santa Fe real estate market with a Contingent status, a court approval (i.e., typically these are short sale and REO homes that have offers being reviewed by the lenders).
At the end of August 2020 there were 162 Rancho Santa Fe homes for sale (94% of these are detached single family homes), ranging in price from $785,000 to $29,995,000, 4 fewer listings than at the end of July. This represents inventory of 4.3 months for attached homes (down from 4.5 months in July) and 5.4 months for detached homes at the current rate of sales (based on a 6-month period), down from 8.3 months last month.
The high end market continues to shift in Rancho Santa Fe, and is now a market that favors sellers for detached single family homes, luxury properties and estates, having shifted from a buyers’ market, and remains a strong sellers’ market for attached properties with 10 available listings.
The number of Rancho Santa Fe homes coming on the market in August rose from 51 in July to 60, a good number of new listings, 2 per day, despite the pandemic. In contrast the number of homes going pending in August, 36 (excluding those that closed escrow), decreased from last month’s 44 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.