Rancho Santa Fe is one of the most exclusive residential areas in the country. It is situated about four miles inland from the Pacific coast and features absolutely beautiful landscapes and scenery. With a population of just over 3,100 people, it is a community in which many aspire to live.
In terms of income, Rancho Santa Fe leads the nation in per capita income and home values. With a median income of about $250K, the Ranch constantly ranks in the top five on many lists of cities with the highest incomes. After driving through the area, it is easy to see why it ranks so high.
Selling a Home in Rancho Santa Fe
Because homes here are so lavish and stunning, it is necessary to understand that there is a select pool of potential buyers out there looking for homes of this caliber. For the most part, single-family homes on the market are priced from $1 million to over $20 million and are generally situated in gated neighborhoods. There are also condominium and townhome communities within these neighborhoods that are priced between the upper-$500s and almost $2 million.
The most recent average sale price of a single-family home is about $2.8 million and just over $700K for a home in a townhome or condominium community. Both prices reflect significant increases over the past few months and the last year. As for the number of monthly sales, they are also showing signs of strength with solid increases across the board. The average number of days on the market for single-family homes has increased quite a bit over the past few months to about four or five months which simply means that homeowners are not as willing to drop the prices in an effort to sell quickly. For condominiums, the number of days on the market is much lower at only about two months mainly because there is not a large pool of this type of property available, sellers can plan on selling their homes quickly and with little negotiating. The right price is the key as there is competition in the area and all homes are very well appointed.
Buying a Home in Rancho Santa Fe
Potential buyers have a slight amount of leeway in terms of the sale price but not much. For those interested in condominium or townhome properties, timing is of the essence. At any given time, there are only a few homes like this on the market so they sell quickly. For single family homes, buyers have more time to think and look. Homes stay on the market for about four to five months with a little wiggle room (though not much).
In terms of distressed property on the market, there are several at any given time but they sell quickly. For buyers who are interested in this type of real estate, it is imperative to be ready to move when one shows up on the market.
What to Do
For sellers and buyers in Rancho Santa Fe, the best idea is to work with a licensed and experienced real estate agent. Our agents are very familiar with the area and, more importantly, homes of this caliber. We can help you list and market your property to sell if that is what you want or provide you with the information to make a sound and reasonable offer on a home in Rancho Santa Fe.
This is a wonderful area in which to settle if you have the desire and ability to live this lifestyle. Homes here are unbelievable and offer the best of everything a homeowner could ever want in a home. With all the bells and whistles not to mention the magnificent views from all vantage points, homes here are definitely the cream of the crop