THIS WEEK October 1, 2013
This week the median list price for Rancho Santa Fe, CA homes for sale is $3,195,000.
With inventory trending up but days-on-market trending down and The Market Action Index (MAI) essentially flat recently, Rancho Santa Fe real estate conditions do not seem to have a strong up or down pull.
SUPPLY AND DEMAND
Rancho Santa Fe home sales have been exceeding new inventory for several weeks. Since this is a buyer’s market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the seller’s zone, and we are likely to see upward pressure on pricing.
REAL-TIME MARKET PROFILE
Median List Price $3,195,000
Asking Price per Square Foot $554
Average Days on Market 147
Percent of Properties with Price Decrease 35%
Median House Size 5,850 sq. ft.
Median Number of Bedrooms 5.0
Median Number of Bathrooms 5.0
Market Action Index BUYER’S ADVANTAGE 23.5
Prices for Rancho Santa Fe real estate continue to bounce around this plateau. Look for a persistent up-shift in the MAI before we see prices move from these levels.
The Market Action Index answers the question “how’s the market” by measuring the current rate of sale versus the amount of Rancho Santa Fe homes for sale. Index above 30 implies seller market conditions. Below 30, conditions favor the buyer.