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With all the doom and gloom that’s been forecasted and touted by the media for the past year, Rancho Santa Margarita homeowners are understandably concerned about the state of the local housing market.
While it’s true that percentage of owners are feeling the financial fallout spurred by rising interest rates and subsequently higher mortgage payments, values in Rancho Santa Margarita on the whole look strong in comparison to the majority of other California cities. There has been a slight increase in Notice of Defaults filed, especially at the condo level, but across the board Rancho Santa Margarita is doing well; certainly better than most media reports were citing from the predictions of their “experts.”
One thing to note is that while the market has stabilized there remains a good deal of inventory. As a result the total number of days on the market has increased to approximately 90 days. While this number seems relatively higher to those of us accustomed to the whirlwind rush of the past few years, three to six months is considered very normal in a stable market. Additionally, homes priced correctly from the outset are likely to draw in more buyers initially and facilitate a shorter sale.
The Orange County Register reports that for the 22 days preceding March 9th, Rancho Santa Margarita experienced a 15.3% increase in the median home value and sales were at 94%. This is remarkable when compared to the numbers for other cities and the state of California as a whole. To read the entire report click here.
The SoCal MLS database shows seventeen completed home sale transactions in the first quarter of 2007 for Robinson Ranch. These sales range in price from $621,000 (for a 3 Bedroom / 2.5 Bath / 1525 square foot home) to $1,075,000 (for a 4 Bedroom / 3 Bath / 2800 square foot home).
1st Quarter 2007 Home Sales
• Total Closed Sales: 17
• Average sales price: $809,523
• Average square footage: 2290
• Average price per square foot: $353.50
• Average Days on the Market: 91
1st Quarter 2006 Home Sales
• Total Closed Sales: 9
• Average sales price: $791,255
• Average square footage: 1910
• Average price per square foot: $414.27
• Average Days on the Market: 36
Popularity: 29% [?]
3 responses so far ↓
1 scott // Apr 12, 2007 at 2:43 pm
Great info to know. Despite the cries from the experts that ‘the sky is falling,’ things seem to be remaining intact, at least for the moment. In truth, this is why your site is helpful, providing a uniquely RSM perspective on activities, opportunities and markets. Keep it up!
2 Kelly Kilpatrick // Apr 12, 2007 at 4:27 pm
Thanks Scott. Your input is appreciated and I’m glad you find my posts informative.
3 Marianne // Apr 13, 2007 at 7:58 pm
Great job, Kelly! Very informative!!!
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