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 14, 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 $4,427,856 …..Trend is down
Asking Price/SqFt. $714
Least Expensive Listing $620,000
Most Expensive Listing $35,000,000
Average Days on Market 153 …..Trend is up
Total Inventory 368
The Bottom Line – The Rancho Santa Fe housing market continues to wade through a slow summer of sales with prices trending lower and market times increasing. The number of sales in 2009 is slightly weaker than last year and in July there were 16 sales as opposed to 20 in 2008. Rancho Santa Fe homes are still selling at about a 10% discount to asking price and market times are still around 5 months.
The biggest change is in the fact that buyers of Rancho Santa Fe houses for sale are clearly targeting the lower price points with an average sales price under $2M, where a year ago it was just over $3M. Neighborhoods like The Crosby and Santaluz offer buyers value for the size, location and amenities, as evidenced by the sales this past week. Also, bank owned and distressed sales like the one in Fairbanks Ranch this week priced at $3.2M, are going to continue through the remainder of this year. In July another 1,607 notices of trustee sales were filed in San Diego, which is the first step in the foreclosure sale process. These trustee sales are the real investment opportunities for value-driven buyers.
For a list of income-producing homes and foreclosure or trustee sale investments in San Diego, Los Angeles and Ventura counties contact the Dalzell Group today.
