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.
January 22, 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 $4,188,974 …..Trend is level
Asking Price/SqFt. $692
Least Expensive Listing $525,000
Most Expensive Listing $29,900,000
Average Days on Market 177 …..Trend is up
Total Inventory 261 …..Trend is down
The Bottom Line - After the first 3 weeks of 2010 the trend for Rancho Santa Fe homes for sale is confirming the forecast that many Rancho Santa Fe realtors like the Dalzell Group were highlighting in the fourth quarter of 2009. By now we know that the overall economy and the Rancho Santa Fe real estate market are slowly working its way through a recovery and that buyers of Rancho Santa Fe homes for sale are being cautious to not overextend themselves (tight lending guidelines are helping ensure they’re responsible too). So where in 2003-2007 buyers had their eyes set on buying luxury Rancho Santa Fe estates in the $4M – $8M range, now buyers are scaling down their plans and looking for value in the $1.5M – $3.5M range as evidenced by the properties that went into escrow this week. Homes for sale in Fairbanks Ranch and the Rancho Santa Fe Covenant continue to draw a majority of the buyers in Rancho Santa Fe.
The Rancho Santa Fe real estate market has seen an uptick in buying with the New Year with some short sales in the mix along with properties owned by Rancho Santa home builders that are trying to liquidate their holdings. While some fear another significant drop in Rancho Santa Fe houses because of distressed assets, the reality is that most banks aren’t willing to recognize the losses on properties that are delinquent and so we are likely to see a flat recovery rather than a “double bottom” because of the luxury real estate shadow inventory in Rancho Santa Fe.
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.
