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 16, 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 $4,275,075 …..Trend is down
Asking Price/SqFt. $709
Least Expensive Listing $599,000
Most Expensive Listing $29,900,000
Average Days on Market 161 …..Trend is up
Total Inventory 330 …..Trend is down
The Bottom Line - This past week saw more low end activity from buyers of Rancho Santa Fe properties for sale with 4 going into escrow all below $2.2 million. Homes for sale in The Crosby Rancho Santa Fe and Santaluz are again showing popular because of their newer construction, golf course real estate and convenient locations. While the Rancho Santa Fe real estate market still faces its share of stress the father we get from spring of 2009 the overall San Diego housing market continues to see a strong bounce off the lows that were established.
In the month of September we again saw that San Diego homes sold had price increases. Prices rose 2.2 percent for detached homes and 5.5 percent for condos, reflecting in particular the shortage of San Diego condos for sale. The Case-Shiller index for San Diego shows that we have risen almost 9 percent from its April low point, and this is significantly more of an increase then the typical spring/summer bounce and more than any seasonal rally that took place in the 1990s downturn.
Is this rally sustainable? That is an important question and the answer lies in the role the government is and will continue to take. Like it or not the government has forced its way into the housing market and is determined to guide it out of the recession. While some intervention programs are scheduled to end soon (the $8,000 tax credit in December and the $1.25 trillion mortgage backed security monetization program which is set to end in early 2010) the reality is that the government will continue to focus its efforts on a real estate led recovery. Distressed sales like foreclosures and short sales in San Diego, and low interest rates, are likely to be in place for San Diego area real estate for quite awhile longer so the opportunity to buy has never been better. Homes is Fairbanks Ranch, the Covenant, Cielo and The Bridges are still selling to value driven buyers.
Call us today at (858) 755-7740 for a email list of San Diego short sale and foreclosure real estate investments, or for a private consultation to see if you are a candidate for a hardship short sale handled by our professional and proven negotiator.
