Your #1 source for Rancho Santa Fe real estate market updates and luxury homes for sale. We follow the trends of both existing Rancho Santa Fe homes for sale and recent Rancho Santa Fe real estate that enters into escrow. Our goal is to help provide you direction and analysis of the current conditions and future trends.
August 28, 2009…
So what has happened over the past week with Rancho Santa Fe Homes for Sale?
Rancho Santa Fe MLS Listings on the Market:
Average List Price $4,437,957 …..Trend is level
Asking Price/SqFt. $721
Least Expensive Listing $609,000
Most Expensive Listing $35,000,000
Average Days on Market 160 …..Trend is up
Total Inventory 370 …..Trend is up
The Bottom Line – This past week Rancho Santa Fe real estate played out a predictable seasonal pattern with a noticeable decrease in escrow activity due to many of the local schools starting up after the summer break. Every year we see this slowdown which typically lasts until just after the Labor Day weekend.
Another noticeable shift in the past 2 weeks has been an uptick in buyers targeting two “hot spot” communities that offer tremendous value – Santaluz real estate and The Crosby homes. There have been 2 Crosby Rancho Santa Fe homes sold recently, one below $1M and the other above $3M, a positive sign that the high end Rancho Santa Fe luxury homes are easing up. At the same time Santaluz real estate continues to sell at a faster pace in the $1M – $2M range.
What does this tell us?
On Tuesday the US Home Price and Consumer Confidence reports came out stronger than expected supporting the theory that we continue to recover from the recession. This combined with 3 straight months of rising home prices for San Diego houses for sale, has brought sellers of luxury homes in San Diego back to the market. These sellers are likely also trying to minimize their overhead in light of a job market that is still weak, but none the less it shows an improvement in overall sentiment.
Whether looking to buy or sell in Rancho Santa Fe, call the Dalzell Group to find out how these trends can work in your favor.
