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.
February 26, 2010…
Below is a snapshot of this week’s activity with Rancho Santa Fe Homes for Sale:
Rancho Santa Fe MLS Listings on the Market:
Average List Price $4,079,772 …..Trend is level
Asking Price/SqFt. $682
Least Expensive Listing $419,000
Most Expensive Listing $29,900,000
Average Days on Market 164 …..Trend is down
Total Inventory 265 …..Trend is level
The Bottom Line – The Rancho Santa Fe real estate market continues to shows signs of improvement, though there are still factors in the market that show how difficult this recovery in the San Diego luxury home segment is. Inventory of Rancho Santa Fe homes for sale keeps dropping which helping maintain a fairly healthy supply and demand balance. The escrow activity we are seeing is a picture of the opportunistic real estate investor or move-up buyer taking advantage of the often motivated or distressed seller. Bank owned (REO) sales are still a factor and this will only continue with the news last Friday that locally owned La Jolla Bank was seized and turned over to One West Bank. The bank suffered when loans made to developers began defaulting as the Rancho Santa Fe speculative high end new construction homes took a hit over the past 3 years.
The good news is that properties for sale in Rancho Santa Fe, especially on the west side in communities like Fairbanks Ranch, Del Mar Country Club and Rancho Santa Fe Farms, are selling quicker than they did in the past several years. Rancho Santa Fe homes priced below $4 million are faring better and San Diego luxury home buyers are recognizing that this is an opportune time to make a move. There will be more bumps in the road but the past few weeks are offering some encouraging signs based on increased showings as reported by other Rancho Santa Fe realtors.
Now is a great time for those looking to buy property in Rancho Santa Fe – call the Dalzell Group today at (858) 755-7740 to begin your search.
