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A smaller community located just inland in San Diego County, Rancho Santa Fe, California, is a luxurious community with many high-priced homes. The city’s median annual household income, at more than $245,000, is one of the highest in the nation for towns with at least 1,000 households. It comes as no surprise then, that the Rancho Santa Fe real estate market took a hit after the recession began in the U.S., with its previously overinflated housing prices unable to withstand the pressure.

According to statistics from local realtor Neal Hribar of Keller Williams Realty, home prices in Rancho Santa Fe fell overall for the second year in a row in 2009, with the year’s total median price at $2.275 million, lower than the $2.7 million range it had remained in for the previous three years. And unlike many other communities, which saw rises in sales activity despite the sluggish market because of falling prices, 2009 marked Rancho Santa Fe’s lowest level of sales volume in more than 10 years, with only 123 homes sold, compared with 147 in 2008 and 195 in 2007, and the high of 341 in 2000. In addition to the low sales activity, Rancho Santa Fe homes for also sale spent the highest number of average days on the market in recent memory as well, with an average of 145 days, compared with 116 last year and 129 in 2007. Homes for sale garnered 91.3% of their listing price, which actually was higher than that same mark in 2008.

The market for condominiums in Rancho Santa Fe showed similar trends, though sales activity was not as sluggish. The median price in 2009 for condos sold was $645,000, down 17% from a year earlier, when that figure was $777,500 and matching low prices not seen since 2003. The average price stood at $667,703, down from more than $806,000 last year. Activity, however, was better, with 24 condos sold throughout the year, besting the previous year’s volume of 19 by 26%. Though the average number of days condos for sale spent on the market was the second-highest of the past 12 years, it did see a drop from last year’s high of 155 to 121 days. Condos in 2009 garnered 93.9% of their listing price, up 0.9% from last year.

Buying or Selling, the right Realtor makes all the difference

The real estate market in San Diego’s North County presents a real challenge and enormous opportunity. The challenge lies in navigating the complexities of a dynamic market and making the right decisions. The opportunity is to sell at the best price or locate and buy the property of your dreams.

In both cases, your best partner is a professional realtor that knows the area and can help you achieve your desired results. We are committed to providing you with everything you need to make the right buying and selling decisions for you and your family — including up-to-the-minute market analysis, unique marketing techniques and top-notch negotiation skills.