As a buyer or seller in the Rancho Santa Fe real estate market, having information about the current market conditions will enable you to make an informed decision regarding what to do with regard to buying a home in Rancho Santa Fe, or selling your Rancho Santa Fe home.
The Rancho Santa Fe real estate market is very localized, and the most expensive community, on average, in San Diego County, and knowing what is going on in the market with regard to inventory and sales is important for making a buying or selling decision. Finding comparables for determining price for either a listing or a purchase can sometimes be tricky.
READ MORE: Rancho Santa Fe - Luxury Residential Community in SouthernCalifornia
Here is a summary of the Rancho Santa Fe real estate market for October 2009 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# SOLD
|
12 (down 1) |
11 |
1 |
|
Average $
|
$2,616,250 (up 13%) |
$2,787,727 (up 6%) |
*$730,000 |
|
DOM
|
167 |
172 |
1-3 |
|
Sale $/List $
|
89% |
88% |
97% |
*Only 1 home sold so no average calculated nor change in average pricing.
The number of homes sold in Rancho Santa Fe in October was just slightly less than in the previous month. As is common in expensive communities, the marketing time remains fairly high and, in fact, rose substantially for homes sold in October. Two of the 11 detached homes sold were REOs. 50% of the homes sold in October were cash transactions.
As of the end of October there were 10 homes in the Rancho Santa Fe real estate market with a Contingent status (i.e., short sale and REO homes that had offers being reviewed by the lenders), 2 more than last month. Until approved these homes are considered active and, thus, are included in the Active statistics below.
As of October 2009 there were 345 Ranch Santa Fe homes for sale (95% of these are detached), a 3% decline from September. This represents an inventory of 6.9 months for attached homes (down a couple of months), but 30.9 months for detached homes at the current rate of sales (based on a 6-month period), which is, however, down from 36 months in September.
43 Rancho Santa Fe homes came on the market in October, about 1/3 more than in September, with 16 homes going pending during the same period, twice the number going pending last month.
While higher end homes are selling in RSF (relative to their average price), all the sales thus far this year are under $10 million. There are currently 14 homes on the market in the $10 to $29 million range, some of which have been on the market more than 1 year and 2 for well more than 2 years.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
Data are based on information provided by the MLS for homes that went under contract in the last couple of months. 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 let me know.
READ MORE:
Ranch Santa Fe Real Estate Market Report for September 2009
Rancho Santa Fe Real Estate Market Report for August 2009
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If I can provide more information about Rancho Santa Fe real estate and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2009 Jeff Dowler "The California Relocation Dude" Carlsbad Homes and Real Estate Tidbits
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If I can provide more information about Carlsbad homes and real estate for sale and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search 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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Looks like things in Rancho Santa Fe are doing alright!
Jeff - I wonder if it's due to jumbo loan rates or the job market? What do you think?
Valorie - well it is a unique market for sure.
NeEvin - my hunch is lots of folks haven seen their portfolios cool off. And jumbo financing has been a problem as you know. I tlaked to a guy yesterday making $400K/year, NO DEBT, with cash and a great 401 (k) and he got turned down for a mortgage for under $1M. Makes NO sense.
Jeff
Jeff - Considering the average price range for Rancho Santa Fe, the DOM seems fairly reasonable for such an exclusive area. Buyers and sellers are well represented by someone like you who has such a great insight about the current activity.
Hi Jeff,
Good information on Rancho Santa Fe. I always new it was an upscale area yet I didn't realize that the average prices were that high. It must be a spectacular community.
Jeff, it looks like your market is improving a bit? I love that area, and I think that's where we enjoy playing golf - Rancho Santa Fe. ;-)
Donna - yep, I am not surprised by the DOM. And that is probably low since some homes are relisted for extended periods. Thanks for the compliment.
Lynda - and they have been well above $2M for some time, despite the market. It is a beautiful community withlots of large properties.
Teri - really? Where do you play (not a golfer, just curious).
Jeff