The current Sandicor statistics for home sales in Rancho Santa Fe (as of August 2nd, 2010) do not bode well for sellers. As of this afternoon, there are currently 265 detached home listings in the 92067 zip code of San Diego, CA (Rancho Santa Fe). Four of them are marked as "subject to court/lender approval" (most likely short sales). There are 11 listings marked as "contingent" (nine of which are marked as "subject to court/lender approval"). 17 listings are marked as "pending."
Here's where it gets interesting: Only 39 (2 of which were short sales) closed escrow in the last 60 days. That's an average of 18 or 19 sales per month. At that pace, it will take approximately 14 months to get through this inventory, so that's a 14-month supply. What does that mean for Rancho Santa Fe home buyers? If you are buying a home in Rancho Santa Fe soon, you are in command. It's a buyer's market, and you have a large selection of homes to choose from. Of course, some sellers aren't as motivated as others, so you may still need some patience to get the home you want at the price you want. To compare, areas of San Diego that have had a 2-4-month supply of active listings over the last few months saw homes sell much faster, and with multiple offers in many cases.
Disclaimer: As you know, real estate is local. Be sure to review the specific areas of Rancho Santa Fe with your exclusive buyer agent to determine what sort of marketplace to expect. Some hyper-local areas of Rancho Sante Fe (and certain price levels) are behaving differently, so it's important to not pay too much attention to sweeping statistics for large areas.
Here's a great example of that from today's Sandicor MLS statistics: If you are looking for a home in Rancho Santa Fe under $1,500,000, the market is tight. There are currently 19 detached homes for sale in Rancho Santa Fe for $1,500,000 or less. Four more are already listed as contingent. Five more are pending, and nine closed in the last 60 days. That's an average of 4 or 5 closings per month, so there is closer to a 3-5-month supply in that price range, which means you may be competing against other buyers on certain properties in that category. The point of this whole post is to give you a sneak-peek of what's going on in the Rancho Santa Fe market place today. We dive in even deeper when you hire us to help you with your home purchase. Call Globella today to schedule your free Buyer Strategy Session, and get help from an exclusive buyer agent for your Rancho Santa Fe home search.
All statistics in this post were gathered from our own independent search of the Sandicor MLS database.
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes this blog, "For San Diego Home Buyers."
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or E-mail.