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.
October 30, 2009…
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 $4,246,970 …..Trend is down
Asking Price/SqFt. $698
Least Expensive Listing $565,000
Most Expensive Listing $29,900,000
Average Days on Market 161 …..Trend is up
Total Inventory 332 …..Trend is down
The Bottom Line - For the past several months we have made mention the lack of real buyer activity for the higher priced homes for sale in Rancho Santa Fe, but over the past few weeks there has been renewed hope for this segment as some luxury estates in Rancho Santa Fe have recently sold. This past week there was the sale of a Fairbanks Ranch luxury property that was above $7 million and this is on the heels of some other high end listings in escrow in the Covenant. These two areas of RSF continue to be popular among buyers, along with a value driven buying in the eastern communities of The Crosby and Cielo.
The Dalzell Group has also noticed an increase in out-of-town buyer activity over the past month, with new inquiries from New Mexico, Washington and even as far away as Toronto, Canada. San Diego’s luxury real estate is considered undervalued compared to other major metropolitan areas, as recently recognized by Forbes Magazine.
Stay tuned to this blog next week as important housing updates expected soon, with Congress considering an extension of the Homebuyer Tax Credit among other programs that will directly impact overall consumer confidence moving forward.
