NORTH SAN DIEGO COUNTY REAL ESTATE BEGINS 2017 ON SEVERAL POSITIVE NOTES

 

Fallbrook and Bonsall Inventory Remains Low

Fallbrook and Bonsall average price per transaction in January 2017
Fallbrook and Bonsall average price per transaction in January 2017  Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., Feb. 6, 2017 — January real estate activity launched the new year with several positive indicators that foretell of a good 2017 ahead in two prime North San Diego County markets, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“Despite the normally low level of activity at the beginning of any year, Fallbrook and Bonsall posted year-over-year gains in properties sold and average prices as well as a notable improvement in days on the market,” he reported.  “The average selling price of $525,000 was six percent higher than January of 2016 and the average market time was 23 percent better at 51 days, versus 66 in the prior year.”

Continuing a trend started late in 2016, several high end homes helped boost prices as three of these properties, all in Fallbrook, closed escrow in January after an average of five months on the market.  Eight more, five in Bonsall, are in escrow; and there are 52 of these million-dollar-plus properties on the market, three fourths of them in Fallbrook.

Looking at homes coming off the market in January, a good indicator of future activity, 80 homes were in escrow.  The average price of those off the market rose 14 percent from December to $639,000. Time on the market for those entering escrow remained steady at just under two months.

Kalman reported that the inventory remained below 200 units as realtors and their sellers kept many properties off the market that were either cancelled or allowed to expire late last year.  He expected the inventory to increase as this part of North San Diego County enters the prime selling season, which normally starts after the Super Bowl.

Cash buyers represented 13 percent of the January transactions while VA/FHA transactions accounted for 35 percent of the activity.

“Almost one fourth of the sales in January were at or above the original asking price,” Kalman said. “As happened last month, many of those that sold at or above the original asking price came off the market within a month of when they were listed.”

He noted that the average selling price per square foot in the two communities, an important metric used here to price homes, dipped five percent to $247, with Fallbrook rising to an average selling price per square foot of $279, an unusually high level but understandable with three high end homes closing escrow in January.  Bonsall dropped more than 20 percent to an average of $215 per square foot per home, which reflected the absence of high-end activity in January.

Average price per square foot in Fallbrook and Bonsall is an important pricing metric
Average price per square foot in Fallbrook and Bonsall is an important pricing metric   Data provided by Sandicor and 10K InfoSparks

Condo activity showed seven units sold, five in Fallbrook.  Four more condos were in escrow, three in Fallbrook.  Eleven condos were on the market entering February, seven of them in Fallbrook.  The average market time for those condos in the active inventory remained near four months.

Kalman´s data for the reporting periods ending January 31, 2017, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

 

NORTH SAN DIEGO COUNTY REAL ESTATE ENDS YEAR WITH SOLID PRICE APPRECIATION

 

2016 Scores Significant Gains Over Prior Year

Average selling price for homes in Fallbrook and Bonsall versus San Diego County
Average selling price for homes in Fallbrook and Bonsall versus San Diego County  Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., Jan. 6, 2017 — Real estate activity in two prime North San Diego County markets closed the year on several  high notes as prices and volume showed expected strength, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“December home sales in Fallbrook and Bonsall, paced by the closing of several high-end properties, came in 16 percent better than December 2015 and eight percent above the prior month.  Volume also showed strength though it lagged last year by 16 percent,” he reported.

Looking at homes coming off the market, an indicator of future activity, the average price and number of properties going into escrow declined in December, but less than typical.  The average price of those coming off the market dipped six percent from November to $563,000, while the total number of escrows at 71 properties dropped 14 percent. Time on the market for those entering escrow stretched out again, coming in at roughly two months.

Kalman reported that the inventory dropped below 200 units as realtors pulled many listings from the market in the final month of the year.  A series of prematurely expired listings were engineered by agents and their sellers to freshen the appearance with new listings at the beginning of 2017.  “By the end of January the inventory will approach 220 units, almost 20 percent more than at the moment,” he said.

Cash buyers represented 17 percent of the December transactions while VA/FHA transactions accounted for an astounding 35 percent of the activity as it appeared lenders worked to clear their books of these transactions.

“Some 19 percent of the sales in December were at or above the original asking price, and most were VA/FHA transactions,” Kalman said. “Almost all of those that sold at or above the original asking price came off the market within a month of when they were listed.”

He noted that the average selling price per square foot in the two communities, an important metric used here to price homes, increased to $260, with Bonsall rising 21 percent to $281 based on strength in high-end homes.  Fallbrook had an average selling price per square foot of $239, a nominal dip from the prior month.

Average price per square foot is an important metric for pricing homes in Fallbrook and Bonsall
Average price per square foot is an important metric for pricing homes in Fallbrook and Bonsall  Data provided by Sandicor and 10K InfoSparks

At the high end, six homes, three in each community, sold.  Half of those homes above a million dollars averaged less than two months on the market.

Approximately one fourth of the 50 active homes on the market priced above a million are in Bonsall.  Four million-dollar-plus homes, all in Fallbrook, entered escrow in December after averaging four months on the market.

Condo activity was mixed in the month as five units sold, all in Fallbrook, and they were below the original asking price.  With one exception, the average market time for those condos declined to less than a month.

Ten more condos were in escrow, six in Fallbrook.  Of the seven condos that came off the market in December, four were in Fallbrook.

Eleven condos were on the market entering January, eight of them in Fallbrook.  The average market time for those condos in the active inventory was almost four months.

Comparing 2016 with 2015

Overall, 2016 was a better year for local real estate than even a strong 2015 was.  For 2016, average prices were four percent better than 2015, while volume was up seven percent.  Time on the market was significantly improved, showing a 27 percent drop to under two months.

Ironically, volume among condos and high end homes came in less in 2016 than in 2015.  Prices were up nine percent for condos and marginally lower for high end homes.

These results at the two extremes indicated much of the strength for 2016 was in the mid-range of the market, a healthy indicator for Fallbrook and Bonsall real estate.

Kalman´s data for the reporting periods ending December 31, 2016, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

NOVEMBER NORTH SAN DIEGO COUNTY REAL ESTATE ACTIVITY SHOWS SURPRISING STRENGTH

Inventory Declines at Typical Pace

Average selling price for homes in Fallbrook and Bonsall in November
Average selling price for homes in Fallbrook and Bonsall in November  Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., Dec. 6, 2016 — Real estate activity in two prime North San Diego County markets bucked the seasonal trend as prices and volume remained firm entering the final month of the year, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“November home sales in Fallbrook and Bonsall showed surprising strength compared with November 2015 as prices were 23 percent better than a year ago and volume here was up nine percent.  Significantly, volume was equal to October while prices slipped by six percent over the prior month,” he reported.

As expected, the average price and number of homes going into escrow declined in November, but less than typical for the 11th month.  The average price of those coming off the market dipped four percent from October to $598,000, while the number of escrows at 83 properties dropped 11 percent. Time on the market for those entering escrow stretched out again, approaching the yearly average of two months.

Entering December, the inventory declined 15 percent to 206 homes on the market, typical for this time of the year.  Kalman expected the inventory to drop below 200 units as homes are pulled from the market in the final month of the year.

Cash buyers represented 20 percent of the November transactions while VA/FHA transactions accounted for 25 percent of the activity again.

“Some 20 percent of the sales in November were at or above the original asking price, and most continued to be conventional transactions,” he said. “All but three that sold at or above the original asking price came off the market within two weeks.”

He noted that the average selling price per square foot in the two communities, an important metric used here to price homes, dipped six percent to $232, with Bonsall eight percent less than October at $220.  Fallbrook had an average selling price per square foot of $244, a four percent decline from the prior month.

Average price per transaction is an imporatn metric in pricing homes in Fallbrook and Bonsall
Average price per transaction is an imporatn metric in pricing homes in Fallbrook and Bonsall Data provided by Sandicor and 10K InfoSparks

 

 

 

 

At the high end, three homes, all in Fallbrook, priced over a million dollars sold.  Two of those homes above a million dollars averaged less than four weeks on the market.

Slightly more than one fourth of the 54 active homes on the market priced above a million are in Bonsall.  Two million-dollar-plus homes, both also in Bonsall, entered escrow in November after averaging more than half a year on the market.

Condo Activity Begins to Languish

Condo activity was mixed in the month as six units sold, four in Bonsall, and all of them below the asking price.  Two in Fallbrook sold above the original listing price.  The average market time for those six condos declined to less than a month.

Seven more condos were in escrow, six in Fallbrook.  All five that came off the market in November were in Fallbrook.

Fourteen condos were on the market entering December, nine of them in Fallbrook.  The average market time for those condos in the active inventory was more than three months.

Kalman´s data for the reporting periods ending November 30, 2016, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

NORTH SAN DIEGO COUNTY REAL ESTATE MARKETS SHOW MIXED RESULTS AS PRICES CONTINUE UP WHILE VOLUME TAPERS OFF

 

Average October selling price for homes in Fallbrook and Bonsall
Average October selling price for homes in Fallbrook and Bonsall

 Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., Nov. 4, 2016 — Real estate activity in two prime North San Diego County markets showed pricing strength while volume continued its seasonal slip heading into the final months of 2016, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“October home sales continued a pace set earlier in the second half by scoring price gains of 16 percent over October 2015 and five percent over September,” he said, attributing the strong showing of an average selling price of $609,000 to continued activity in the all-important mid-range segment.

The average price and number of homes in escrow declined in October.  The average price of those coming off the market dipped four percent to $620,000, while the number of escrows at 93 properties dropped nine percent. Their time on the market lengthened as it continued to approach the yearly average of two months.

Entering November, the inventory dropped to 241 homes on the market, a marginal decline over September.  Kalman expected the inventory to decline further as some homeowners and their agents pull properties off the market over the holiday months.

He said that cash buyers continued to be less and less of a factor as 15 percent of transactions came from this category of buyer.  VA/FHA transactions accounted for 25 percent of the activity.

“Roughly 17 percent of October sales were at or above the original asking price, and most were conventional transactions,” he said. “Virtually all that sold at or above the original asking price came off the market within 30 days.”

He noted that the average selling price per square foot in the two communities, an important metric used here to price homes, dipped three percent to $247, with Bonsall eight percent lower at $240.  Fallbrook had an average selling price per square foot of $254, an eight percent gain over September.

Average price per square foot is an important metric for pricing homes in Fallbrook and Bonsall
Average price per square foot is an important metric for pricing homes in Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

At the high end, three homes priced over a million dollars sold, all in Fallbrook.  Several others just below that magical price point helped bring the local price averages up.  Most of that activity, Kalman said, came from Fallbrook.

Homes above a million dollars that did sell averaged more than four months on the market.  In this segment where transactions were either for cash or using conventional mortgages, several experienced steeper than average discounts to sell.

One fourth of the 58 active homes on the market priced above a million are in Bonsall.

He attributed another part of the overall increase in average prices to reduced activity in the condo segment as three in each community closed with an average selling price of $281,000.  The market time for those six condos stretched out to an average of 45 days.  Eight more condos were in escrow, four in each community, with an average asking price of $285,000.

Kalman´s data for the reporting periods ending October 31, 2016, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

NORTH SAN DIEGO COUNTY REAL ESTATE MARKETS WEIGH IN WITH ACTIVITY AND PRICE GAINS, PACED BY STRENGTH IN HIGH-END HOMES

Three Quarters in the Books with Solid Improvement over 2015

Average price per transaction in Fallbrook and Bonsall in September 2016
Average price per transaction in Fallbrook and Bonsall in September 2016

  Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., Oct. 10, 2016 — Paced by strength in the upper tier of properties in Fallbrook and Bonsall, prices and volume showed strength as these two important North San Diego County markets entered the fourth quarter of 2016, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“In September, homes here sold for average of $586,000, a seven percent increase over August and a surprisingly strong 29 percent gain over September of 2015.”

He attributed much of the price increase to an unusually high number of homes priced above one million dollars closing escrow in September.  “Five of these high-end homes sold, four of them in Fallbrook.  Entering October, 10 high-end homes were in escrow and another 62 were in the active inventory.  The average market time for high-end homes was approaching four months,” he said.

According to Kalman, cash buyers continued to shrink as this category represented barely ten percent of the transactions in September while VA/FHA came in at 36 percent of the volume.

“Almost thirty percent of the September sales were at or above the original asking price, and more than half of them were VA/FHA transactions,” he said.

Overall, the price of the homes in escrow declined five percent to $643,000, while the number of escrows at 102 properties bumped up by seven percent as 64 homes came off the market in September. The time on the market is also beginning to edge up toward the yearly average of two months, which is typical for this time of the year.

Entering October, the inventory continued its short year-end surge as 247 homes are on the market, an increase over September and August.  Kalman forecast a continued increase in the inventory through October before the volume shrinks during the year-end holiday period when market activity slows.

He noted that the average selling price per square foot in the two communities, an important metric used to price homes, was $254, with Bonsall 16 percent greater at $262.  Fallbrook had an average selling price per square foot of $246, the same as in August.

Average price per square foot is an important metric in pricing homes in Fallbrook and Bonsall
Average price per square foot is an important metric in pricing homes in Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

Further adding impetus to the price increases in these markets, only three condominiums, two in Fallbrook, sold in September; and eleven condos, six in Fallbrook, were in escrow after an average of two months on the market.  Another 16 are active listings on the market, eight in each market, and they have an average market time of more than two months.

Three Quarters of Activity in Fallbrook and Bonsall

Comparing the first three quarters of activity between 2015 and 2016, he reported that prices were essentially flat while other metrics pointed toward improvement in local real estate.  Volume in 2016 was seven percent better than in 2015.  The all-important days on market metric showed a ten percent improvement in the current year as it took a week less to go from active to off the market, further indicating the rate of activity to be greater this year than last.

Kalman´s data for the reporting periods ending September 30, 2016, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states and two countries.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

REAL ESTATE ENDS “SUMMER SEASON” WITH POSITIVE OUTLOOK FOR SEPTEMBER IN NORTH SAN DIEGO COUNTY MARKETS

REAL ESTATE ENDS “SUMMER SEASON” WITH POSITIVE OUTLOOK FOR SEPTEMBER IN NORTH SAN DIEGO COUNTY MARKETS

 Metrics Show Fallbrook and Bonsall Prices Ahead of 2015 

Average price per sold property in Fallbrook and Bonsall in August 2016
Average price per sold property in Fallbrook and Bonsall in August 2016  Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., Sept. 7, 2016 — New escrows in August portend strong real estate activity in the month ahead, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“In August, Fallbrook and Bonsall homes sold on an average of 42 days while on the market, 22 percent faster than in August 2015,” he said. “Meanwhile, average August selling prices in our two communities dropped five percent to $537,000, due largely to a reduction in high-end home transactions in the month.  That measure of sales was also two percent above a year ago and still the strongest August since 2007.”

Based on the absorption rate of homes entering escrow in August he expects September metrics to reflect prices easily topping 2015 levels when activity among high-end homes was quiet.  He forecast selling volume to slow by about 20 percent.

Kalman said that during August cash buyers represented 19 percent of the transactions while VA/FHA came in at 29 percent of the volume.  Both reflect a trend started earlier this year when conventional transactions assumed more than half of the activity.

“One fourth of the August sales were at or above the original asking price, most of them cash or VA/FHA transactions,” he said, adding that quite often sellers increase their selling price when buyers ask for owners to cover some or all closing costs in these transactions.

The price of the homes in escrow rose 11 percent to $678,000; however, the number of escrows at 95 properties dropped 20 percent as 58 homes came off the market in August.

Entering September, 230 homes here were in the active inventory, a slight decrease from July.

He noted that the average selling price per square foot, an important metric used by many realtors to price homes in the area, was $235, with Bonsall at $224.  Fallbrook exceeded Bonsall for the first time in several months with an average selling price per square foot of $246.

Average price per square foot is an important metric in setting values in Fallbrook and Bonsall
Average price per square foot is an important metric in setting values in Fallbrook and Bonsall  Data provided by Sandicor and 10K InfoSparks

“Even though only one home closed escrow above one million dollars, entering September, 12 high-end homes were in escrow,” he said, giving rise to his forecast of a strong showing in the market in future reports.  Another 58 of these properties were in the active inventory.

Five condominiums, three in Bonsall, sold in August; and six condos, three in each community, were in escrow after an average of 14 days.  Another 14 are active listings on the market, nine in Fallbrook.

Kalman´s data for the reporting periods ending August 31, 2016, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states and two countries.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

“RUSH TO THE EXITS” PACES STRONG JULY IN NORTH SAN DIEGO COUNTY MARKET REAL ESTATE

Dramatic Drop in Time on Market Heralds Strong End-of-Season Push 

Average price per transaction for homes selling in July in Fallbrook and Bonsall
Average price per transaction for homes selling in July in Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., Aug. 5, 2016 — Time to sell a home in two popular North San Diego County markets dropped dramatically in July, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“In July, Fallbrook and Bonsall homes sold on an average of 37 days while on the market, roughly 40 percent better than in June when it took 61 days and 42 percent faster than in July 2015,” he said.  “And with a similar strong decline in time on the market for new escrows last month we can expect a continuing ‘rush to the exits’ pattern through August.”

After peaking in June, sales volume here dropped 16 percent from the prior month and by a comparable amount from July 2015.  Average July selling prices in the two communities flattened out at $567,000, roughly the same as in the prior month and a year ago.

Kalman said that during July cash buyers represented barely one fifth of the transactions while VA/FHA came in at 28 percent of the volume.

“About one third of the sales were at or above the original asking price, with half of them occurring among conventional transactions,” he said.

The price of the homes entering escrow declined less than a percent to $612,000. Similarly, the number of escrows at 114 properties was flat as 73 homes came off the market in July.

“These overall July figures verify the seasonal slowdown in closing transactions we can expect as sales typically taper off going into the last half of 2016,” Kalman added, “however, the downward slope might not be as steep as in the past.”

Entering August, 233 homes here were in the active inventory, a slight increase over June.  With a slowdown in activity, he expected that number of active properties to creep up, giving buyers more choices among mid-range and high-end homes.

He noted that the average selling price per square foot, an important metric used by many realtors to price homes in the area, was $241, a nominal two point drop from July, with Bonsall at $249 exceptionally strong for the third straight month based largely on the dearth of entry-level properties there.

Average price per square foot is an important metric in pricing homes in Fallbrook and Bonsall
Average price per square foot is an important metric in pricing homes in Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

At the high end, three homes sold above one million dollars, which added a marginal boost to the average selling price in the area.  Entering August, ten high-end homes were in escrow after an average market time of three months.  Another 61 of these properties were in the active inventory, 45 in Fallbrook.

Four condominiums, all in Fallbrook, sold in July after an average of seven days on the market; and five condos, three in Bonsall, were in escrow after an average of 36 days.  Another ten are active listings on the market, six in Fallbrook.

Illustrating the speed with which homes moved in July, he said that five upper end homes came off the market in just over 30 days, which was a similar time frame for the condos that also went into escrow last month.

Kalman´s data for the reporting periods ending July 31, 2016, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states and two countries.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590

JUNE REAL ESTATE VOLUME SIZZLES IN NORTH SAN DIEGO COUNTY MARKETS AMID DOWNWARD PRICE PRESSURES

Several High-end Homes Sell, Providing Some Average-Price Support

Average price per transaction in Fallbrook and Bonsall in June 2016
Average price per transaction in Fallbrook and Bonsall in June 2016

Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., July 6, 2016 — Real estate sales activity strengthened in North San Diego County as a resurgence of entry-level and mid-level buyers paced volume increases, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

Sales volume here was 15 percent greater than June 2015 and 11 percent above May 2016.  Average June selling prices in the two communities showed a four percent gain over June 2015; however, at $565,000 it reflected a nominal two percent increase over May when the average price was $554,000.

Kalman said that during June cash buyers continued to trail conventional and VA/FHA transactions, the latter rising to just over 30 percent of the volume after slipping below that level in May.

“Almost one third of the sales came in either at or above the original asking price, and that took place in all segments including at the high-end,” he said. “In June, homes sold on an average of 66 days while on the market, roughly 25 percent more time than in May and ten percent more than in June 2015.”

Inventory Still Tight

Entering July, 219 Fallbrook and Bonsall homes were in the active inventory, eight percent less than in May.  Similarly, the number of escrows during June declined 14 percent to 114 as 77 homes came off the market in the month.

“Both of those figures foretell of some slack in closed transactions in the coming months as the selling season begins a typical slowdown going into the last half of 2016,” Kalman added.

The average time on the market for those entering escrow rose to just over two months, while the average price of the homes off the market was up slightly to $618,000.

He noted that the average selling price per square foot, an important metric used by many realtors to price homes in the area, was $245, a 16 point drop from May, with Bonsall again exceptionally strong for the second straight month.

Average price per square foot is an important metric in pricing homes in Fallbrook and Bonsall
Average price per square foot is an important metric in pricing homes in Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

At the high end, four homes sold above one million dollars, which also helped boost the average selling price in the area.  Entering July, nine high-end homes were in escrow after an average market time of under four months, and more than half of those less than 60 days.  Another 56 of these properties were in the active inventory, 41 in Fallbrook.

Three condominiums, all in Fallbrook, sold in June; and seven condos, five of them in Fallbrook, were in escrow after an average of 27 days.  Another 12 are active listings on the market, six in each community.

First Half Comparisons

“Overall, prices in the first half of 2016 lagged by three percent over those of a more robust 2015 when the average selling price of homes here was $554,000.  In two other important metrics, time on the market and volume, the first half of 2016 weighed in with notable improvement over 2015,” Kalman said.

In the first half of 2016, average market time was just under two months, eight percent faster than in the comparable period of 2015.  Similarly, volume this year was a very strong 16 percent greater than last year.

VA/FHA transactions were even at 25 percent of the activity in both years while cash buyers have slipped to ten percent of the 2016 volume.

Kalman´s data for the reporting periods ending June 30, 2016, came from Sandicor, Inc., the area’s multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states and two countries.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

THE REASON TO MOVE TO FALLBROOK

Red Mountain Hts home in Fallbrook custom entry
Red Mountain Heights home in Fallbrook

Million dollar views of hills and valleys, avocados, seclusion, indoor-outdoor living, tranquility, gracious living.

Westerly view of avocados, Santa Margarita River Valley and local mountains from this Red Mountain Heights home in Fallbrook
Westerly view of avocados, Santa Margarita River Valley and local mountains from this Red Mountain Heights home in Fallbrook

All here in one home set on a knoll in Fallbrook, an untapped and rural getaway-community an hour from three major airports, minutes from the beaches and mountains and short distances from high-end casinos.

Gracious, secluded outdoor and year-round living at this Red Mountain Heights home in Fallbrook
Gracious, secluded outdoor and year-round living at this Red Mountain Heights home in Fallbrook

With almost 3700 square feet on more than seven acres of well-planted land, this hilltop home has a pool, spa and plenty of room to stretch out. Oak cabinets, hardwood and tile floors, an open flowing floor plan with many custom touches and a full three-car garage make this home one you’ll cherish.

Granite counter tops, custom oak cabinetry, voiews and more markthe kitchen but also every other room in this Red Mountain Heights home in Fallbrook
Granite counter tops, custom oak cabinetry, views and more mark the kitchen but also every other room in this Red Mountain Heights home in Fallbrook

Priced well under a million…

Call or text for an appointment. 760-468-4689

Or email me for more information: jerry@jerrykalman.com

This home will not last on the market very long.