What’s the Vallue of My Rancho Santa Fe Home?
Rancho Santa Fe Real Estate Market Report for May 2019
It’s important for buyers and sellers in the Rancho Santa Fe real estate market to have up to date information about current local market conditions to be able to make informed 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 11 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 May 2019 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.
- Sales of detached homes for May rose significantly from 17 last month to 26. There were 3 attached (condos, town homes) home sales in May, compared to 4 last month. 34% of the transactions were cash, versus 24% in April.
- The average sales price of the detached homes was $2,918,679, down 16% from the average sales price last month (no doubt impacted by the sale of 7 homes last month for over $4M that raised the average substantially). The average price of the attached homes was $1,040,000, up 13%. The median sales price for detached homes was $2,769,000 (down 23%), again impacted by the higher priced sales last month compared to May.
- Average marketing time for the detached homes was 91 days compared to 118 in April; the attached properties sold in an average of 42 days.
- The detached homes sold, on average, for 88% of the original asking price; the attached homes sold at 89% of original list price. 3 homes sold at asking price.
- As of the end of May there were 4 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 1 last month. 1 home is a short sale, the rest are first right of refusals due to offers that are contingent on the sale of the buyers' home.
As of the end of May 2019 there were 228 Rancho Santa Fe homes for sale (95% of these are detached single family homes), up 1% from April and the 5th consecutive increase in inventory. This represents an inventory of 2.1 months for attached homes (down from 4.1 months last month) and 12.5 months for detached homes at the current rate of sales (based on a 6-month period), down from 19 months last month.
The high end market continues to shift in Rancho Santa Fe, and is a market that strongly favors buyers for detached single family homes, luxury properties and estates as it has for some time, and remains a strong seller’s market for buyers of attached properties (condos and town homes), a market of limited inventory in the latter case.
The number of Rancho Santa Fe homes coming on the market in May dropped from 69 in April to 49 (down 29%). The number of homes going pending in May, 18 (excluding those that closed escrow), also decreased, compared to 21 pendings in April!
Data are based on MLS information for homes that went under contract in the last couple of months or sold in May. 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 2019.
If you are considering selling your Rancho Santa Fe home we should discuss your plans and timing, a free market analysis, and create a strategy to get your home sold in the time frame that works for you!
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market conditions, or assist you, friends or family in a purchase or sale, please contact my mobile office or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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Serving Carlsbad (including Aviara, La Costa & Carlsbad Village), Encinitas (including Leucadia & Olivenhain), Cardiff, Solana Beach, Del Mar, La Jolla, Rancho Santa Fe, San Marcos (including San Elijo Hills), Oceanside, Escondido, and Greater San Diego
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