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 23, 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 $4,227,120 …..Trend is down
Asking Price/SqFt. $698
Least Expensive Listing $599,000
Most Expensive Listing $29,900,000
Average Days on Market 156 …..Trend is level
Total Inventory 332 …..Trend is down
The Bottom Line – Once again there was consistent activity at the lower price points this past week in the Rancho Santa Fe real estate market, with all 5 homes going into escrow being priced below $3 million. Fairbanks Ranch homes for sale and Covenant real estate for sale again dominates the escrow activity. While the high end luxury homes for sale in Rancho Santa Fe are still languishing there are signs in the broader San Diego market that the “frozen” jumbo financing is beginning to ease. In segments of the market like Carmel Valley the number of homes selling above $1 million is increasing and this could be a good sign for the Rancho Santa Fe real estate market. This is because the Rancho Santa Fe real estate market is supported in part by buyers moving up from areas like Carmel Valley.
The good news for Rancho Santa Fe real estate for sale is that inventory continues to drop, especially encouraging as more distressed sales are expected to hit the market in 2010, But if we are to return to a normal market, we also need a healthy inventory of equity sellers. Just today there was positive news on the national housing front as home sales rose to a 2-year high. The surge has been driven by the lower priced homebuyers seeking San Diego condos for sale which allow them to take advantage of the federal $8,000 tax credit. The manipulation of the housing recovery by the government has been focused on the lower priced homes, but there are signs that help may be on the way for higher price point markets too.
Now continues to be a great time to buy if you are in the market for Rancho Santa Fe property – call the Dalzell Group today at (858) 755-7740 and let us help you get started on your Rancho Santa Fe home search.
