REAL ESTATE ENTERS 2018 ON STRONG NOTES IN NORTH SAN DIEGO COUNTY MARKET

Effect of Tax Law on Area Real Estate Uncertain

December average selling prices for homes in Fallbrook, Bonsall and San Diego County
December average selling prices for homes in Fallbrook, Bonsall and San Diego County  Charts and Data provided by Sandicor and 10K InfoSparks

 FALLBROOK, Calif., January 5, 2018 — Real estate in North San Diego County ended 2017 with positive momentum that should carry well into 2018, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

He said persistently tight inventories, still favorable interest rates and a robust local economy all point toward a positive near-term marketplace for residential home-selling despite any possible negative effects from recently enacted tax initiatives.

According to Kalman, December real estate sales volume in Fallbrook and Bonsall was essentially flat compared with the prior month and December 2016.  Average sales prices for single family residences at $631,000 showed a four percent gain over the prior year and one percent better than November, which reflected a typical pattern for the final month of the year.

Most pronounced was the average market time of 45 days for homes that closed escrow in December, a 20 percent improvement over December of 2016.

Almost a third of the homes sold at or above the original asking price, and all but one was either for cash or on a conventional transaction.  VA/FHA transactions dipped to 16 percent of activity in December.  He estimated that a decline in VHA/FHA activity was due more so to lags by lenders in processing loan applications than to any dip in booking these transactions.

Price per square foot is an important metric for pricing homes in Fallbrook, Bonsall and other parts of North San Diego County
Price per square foot is an important metric for pricing homes in Fallbrook, Bonsall and other parts of North San Diego County

“Price-per-square-foot is an important metric for pricing homes in diverse communities such as we have here in North San Diego County,” Kalman said.  “In December, we registered a slight increase to $265 per square foot, largely due to a six percent rise in Fallbrook.  The overall San Diego value rose almost ten percent to $383 per square foot, indicating property values are better in this part of the county.”

Looking at properties in escrow, Kalman said that entering the new year, 62 homes were off the market with an average asking price of $622,000.  “That 30 percent decline in volume and relatively flat price indicates January activity might be shallower than a year ago and prices could be nominally flat to slightly lower than in December,” he forecast.

Five condos, four in Bonsall, were in escrow entering January.  At the other end of the spectrum, five million-dollar-plus homes were in escrow, three of them in Fallbrook, and that could help buoy prices coming out of the gate in 2018, he said.

Only 162 homes remained in the active inventory entering 2018, however, Kalman expected that number to increase dramatically as agents and sellers return homes back to the market that they removed for one reason or another.

Comparing 2017 with 2016

 In most metrics, 2017 was a better year for local real estate than 2016.  He noted improvements in average volume per month, selling prices and market time in 2017; most notable was a seven percent increase in the average selling price last year.

As a reflection of the tight inventory, market times dropped by an average of 14 percent or eight days when comparing 2017 with the prior year.  That same constriction in inventory kept volumes fairly close to each other over the two years at an average of 72 attached and detached homes selling each month.

Price-per-square-foot came in only two percent better at year-end than in 2016 due largely to a dip in the Bonsall valuation, which he attributed more to market volatility than the ravages of the recent Lilac Fire that hit a large chunk of that community.

Kalman´s data for the reporting periods ending Dec. 31, 2017, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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 REAL ESTATE ACTIVITY CONTINUES STRONG TREND ESTABLISHED EARLIER THIS YEAR IN FALLBROOK AND BONSALL

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

FALLBROOK, Calif., December 5, 2017 — While real estate volume in November slipped slightly as anticipated nearing the end of the year, home prices remained strong in Fallbrook and Bonsall, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

Average selling prices for properties in these two North San Diego County communities at $638,000 were a solid 15 percent better than in November of 2016 and two percent above October of 2017.  Average market time for homes that sold remained at just over two months.

“VA/FHA activity improved slightly to 31 percent of sales, while cash buyers here rose a tick to 18 percent of the transactions,” he said.  “Overall, only 15 percent of the transactions were at or above the original asking price, and half were on VA/FHA contracts.”

In November, the average listing price of those coming off the market rose five percent to $690,000, foretelling of continued price strength as the year ends.  He noted that 57 homes came off the market in November, dropping the total at month-end to 89 units in escrow, both of which represented decreases from October levels.

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

“The average selling price per square foot in these two communities dipped 12 percent to $259.  Bonsall dropped 20 percent to $261 per square foot after an exceptionally strong October while Fallbrook was essentially flat at $257,” Kalman added.  The San Diego County average remained steady at $376 per square foot.

Kalman said that four high-end homes, three in Fallbrook, closed escrow in November.  Nine of these million-dollar-plus homes, seven in Fallbrook, are in escrow after an average of four months in the active inventory.

There are 43 high-end properties on the market, and most of them continue to be in the larger community of Fallbrook.  The average time on the market for those still available is just over three months.

In November, two condos, both in Bonsall, sold after an average market time just over a month, he said.  Meanwhile, eight condos, six in Fallbrook, are in escrow.  Entering December, six condos were on the market, three in each community, with an average market time approaching two months.

The overall inventory for both detached and condo-styled homes decreased to 181 properties. The overall time on the market for active listings remained roughly the same as in September and October at 72 days.

Kalman´s data for the reporting periods ending Nov. 30, 2017, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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 SHOWS SURPRISING STRENGTH IN OCTOBER

Market Time Continues to Stretch Out

Average selling prices for homes in Fallbrook and Bonsall during October
Average selling prices for homes in Fallbrook and Bonsall during October  Chart and data from Sandicor and 10KInfoSparks

FALLBROOK, Calif., November 5, 2017 — Home prices showed surprising strength in Fallbrook and Bonsall despite heavy discounting among high-end properties, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

Average selling prices for properties in these two communities at $626,000 were four percent better than in October of 2016 and three percent above September, 2017.  Average time on the market for homes that sold declined 41 percent to 61 days in October, 2017.

“VA/FHA transactions, a mainstay of activity in earlier months, dropped to one fourth of those sales, while cash buyers in Fallbrook and Bonsall held at 16 percent of the transactions, roughly a norm for the year,” he said.  “Overall, only 16 percent of the transactions were at or above the original asking price, and most of those were VA contracts.”

In October, the average listing price of those coming off the market declined slightly to $658,000.  He noted that 59 homes came off the market in October, bringing the total at month-end to 92 units in escrow, both of which were decreasing levels from September.  These average declines in escrows indicate volume and prices most likely will soften in the coming months.

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

“The average selling price per square foot in these two communities rose nine percent to $293.  Bonsall rose 40 percent to $334 per square foot while Fallbrook rose less than a percent to $252,” Kalman added.  The San Diego County average declined to $378 per square foot.

Kalman said that six high-end homes, four in Fallbrook, closed escrow in October, however, several experienced heavy discounting that ranged from ten percent up to one third of the original asking price.  Eleven million-dollar-plus homes, two in Fallbrook, are in escrow after an average of more than four months on the market.

There are 53 of these high-end properties on the market, though another ten percent started above that price point and were discounted by the end of October to be offered under a million dollars.  Most of these properties are in the larger community of Fallbrook.

In October, five condos, all in Bonsall, sold after an average market time of just above two months.  Average time on the market for those coming off the market increased slightly to more than two months while the time to sell also inched up above the 60-day point, he said.

Only one attached property is in escrow.  Entering November, 13 condos were on the market, eight in Fallbrook, with an average market time of more than 45 days.

The inventory for both detached and condo-styled homes decreased to 210 properties. The overall time on the market for active listings remained roughly the same as in September at 76 days.

Kalman´s data for the reporting periods ending October 31, 2017, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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 PRICES DIP WHILE VOLUME REMAINS STEADY ENDING THE THIRD QUARTER OF 2017

September average selling price for homes in Fallbrook and Bonsall
September average selling price for homes in Fallbrook and Bonsall

Market Time Averages More Than Two Months

FALLBROOK, Calif., October 5, 2017 — Home prices dipped in Fallbrook and Bonsall as the summer months ended and these North San Diego County markets entered the final period of a robust 2017, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

Paced by a surge in VA/FHA transactions, September 2017 volume was marginally better than both the prior month and September of 2016.  VA/FHA transactions accounted for almost half of the volume in September, and, because many were for entry-level and mid-range homes, they kept average prices flatter in the month.  Cash buyers in Fallbrook and Bonsall once again represented less than one-fifth of the transactions.

More than a third of the transactions were at or above the original asking price, and most of those were for cash or on VA/FHA contracts.

Time on the market for both VA/FHA and cash transactions started to stretch out in September as slightly more than half sold within the first 30 days of appearing on the market while the remainder averaged close to three months before going into escrow.

Overall, time on the market for those coming off the market increased slightly to more than two months while the time to sell also inched up above the 60-day point.

Kalman said that 68 homes came off the market in September, bringing the total at month-end to 106 units in escrow, an increase of seven percent over August.  In September, the average listing price of those off the market was essentially flat at $666,000.

The inventory for both detached and condo-styled homes decreased again, dropping to 216 properties, levels normally associated with the traditional pre-spring run-up. Time on the market for active listings stretched out to 75 days, 11 more than in August.

According to Kalman, the average selling price per square foot in these two communities rose six percent to $270.  Bonsall was up slightly to $272 per square foot while Fallbrook had a nice ten percent increase to $268.  The San Diego County average was up to $383 per square foot.

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

Two high-end homes in each community closed escrow in September, averaging just over two months on the market.  Nine more, six in Fallbrook, are in escrow after an average of almost six months on the market.

There are still 57 of these million-dollar-plus properties on the market, slightly more than a fourth of the active listings.  Most of them are in the larger community of Fallbrook; and this large overhang is pushing the average price in both communities among all active listings toward $1,000,000.

In August, seven condos, six in Bonsall, sold after an average market time of 32 days.  Seven condos, only one of them in Fallbrook, were in escrow with an average market time of 50 days.  Entering October, 14 condos were on the market, eight in Fallbrook.

Kalman´s charts and data for the reporting periods ending Sept. 30, 2017, came from 10KInfoSparks and Sandicor, Inc., and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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 PRICES UP WHILE VOLUME AND OTHER METRICS POINT TO A SOFTENING MARKET

Market Time Stretches Out

Average August selling prices in Fallbrook and Bonsall
Average August selling prices in Fallbrook and Bonsall  Charts and dat from Sandicor and 10K InfoSparks

FALLBROOK, Calif., September 6, 2017 — Home prices rose while other metrics revealed slowing real estate activity in two prime North San Diego County housing markets, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

“There was some heavy discounting, particularly among properties that languished on the market.  About one fourth of the 63 sales in August were equal to or better than the original asking price,” Kalman said. “All but one of those that sold at a premium price went into escrow within 30 days of when they were listed.”

Market times for properties remaining on the market as well as for those selling expanded in August.  Time on the market for those entering escrow remained at an average of 53 days while the time to sell soared almost 100 percent from July as the days on market reached two months.

According to Kalman, 77 homes came off the market in August, bringing the total at month-end to 99 units in escrow, which continued a pattern of month-to-month declines beginning in the peak month of June.  In August, the average listing price of those off the market dipped marginally to $666,000.

The inventory for both detached and condo-styled homes decreased also, dropping to 227 properties.

“Declines such as these are part of a seasonal pattern most real estate markets experience heading into the end of the year,” Kalman noted, “and should not be construed as the onset of a major correction.”

Once again, two thirds of the activity was financed with conventional mortgages.  VA/FHA transactions dropped to 17 percent of the activity while cash buyers in Fallbrook and Bonsall represented 18 percent of the transactions.  Time on the market for both VA/FHA and cash transactions started to stretch out in August.

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

According to Kalman, the average selling price per square foot in these two communities, an important metric used as a rough starting point on setting values because of the diverse nature of homes here, slipped five percent to $257.  Bonsall dropped to $270 per square foot while Fallbrook dropped to $244.  The San Diego County average was up a tick to $379 per square foot.

Three high-end homes, all in Fallbrook, closed escrow in August, and all of them were conventional transactions with a surprisingly low average of $233 per square foot.   Nine more, five in Bonsall, are in escrow.  There are 57 of these million-dollar-plus properties on the market, once again one fourth of the active listings.  Most of them are in the larger community of Fallbrook.

In August, seven condos, four in Bonsall, sold after an average market time of 17 days.  Six condos, four of them in Fallbrook, were in escrow with an average market time of just over a month.  Entering September, 14 condos were on the market, eight in Fallbrook.

Kalman´s data for the reporting periods ending August 31, 2017, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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 BEGINS TO FLATTEN AFTER TORRID FIRST HALF  

July Volume Flat, Prices Down

 

Average selling price per home in Fallbrook, Bonsall and San Diego County
Average selling price per home in Fallbrook, Bonsall and San Diego County

FALLBROOK, Calif., August 4, 2017 — Real estate activity in two prime North San Diego County markets cooled slightly in July as prices dipped below June levels and volume was flat, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

He said that July results suggest the 2017 market topped in May and June and he expected Fallbrook and Bonsall activity to track seasonal patterns that reflect less volume and price pressures that accompany lower demand in the coming months.

According to Kalman, 74 homes came off the market in July, bringing the total at month-end to 105 units in escrow, both of which were dips from month-earlier levels.  In July, the average listing price of those off the market rose eight percent to $672,000.

With a decline in properties coming off the market, the inventory increased and time on the market lengthened in July.  The inventory for both detached and condo-styled homes increased to 240 units.

Time on the Market Starts to Expand

Time on the market for those entering escrow increased from 39 to an average of 53 days.  In July, homes that sold took 32 days to sell, 16 days better than in July of 2016.  Many of those homes went into escrow in May and June.

“Even though there was some heavy discounting, especially at the high end, almost half the 80 sales in July were equal to or better than the original asking price,” Kalman said. “Once again, most of those that sold at a premium price went into escrow within 30 days of when they were listed.”

For the first time in many months, less than half of all transactions were financed with conventional mortgages.  VA/FHA transactions increased to 35 percent of the activity after many months below 30 percent while cash buyers in Fallbrook and Bonsall represented 21 percent of the transactions, which was also a trend reversal.

Average selling price per square foot is an important metric for pricing homes in the Fallbrook, Bonsall and surrounding area
Average selling price per square foot is an important metric for pricing homes in the Fallbrook, Bonsall and surrounding area

He said the average selling price per square foot in these two communities, an important metric used as a rough starting point on setting values because of the diverse nature of homes here, rose two percent to $270. Bonsall was up at $281 per square foot while Fallbrook rose slightly to $258.  The San Diego County average slipped to $377 per square foot.

Four high-end homes, three in Fallbrook, closed escrow in July with two of them cash transactions.   Sixteen more, 12 in Fallbrook, are in escrow.  There are 57 of these million-dollar-plus properties on the market, one fourth of the active listings.  Most of them are in Fallbrook.

In July, ten condos, seven in Fallbrook, sold with an average market time of eight days.  Nine condos, five of them in Bonsall, were in escrow with an average market time of under 30 days.  Fifteen condos were on the market entering August, 10 in Bonsall.

Kalman´s data for the reporting periods ending July 31, 2017, came from Sandicor, Inc., and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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.

Charts and data provided by Sandicor and 10K InfoSparks

NORTH SAN DIEGO COUNTY REAL ESTATE INVENTORY ISSUES PERSIST INTO SUMMER AS AVERAGE PRICES INCREASE

Number of Homes in Escrow Also Increases in June

Average selling price of homes in Fallbrook and Bonsall in June
Average selling price of homes in Fallbrook and Bonsall in June   Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., July 5, 2017 — Due largely to a persistently thin inventory, home prices in Fallbrook and Bonsall showed a five percent increase over the prior month and an extraordinary13 percent bump over June of 2016, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

Foretelling the relatively hot market here will continue for at least another month, 81 homes came off the market in June, bringing the number in escrow to 114, which was a slight decrease from abnormally strong May levels  The average price of all those off the market dropped eight percent to $620,000.

The inventory was flat at 211 units as 95 new properties came on the market in June, a noticeable decline but still well below seasonal averages for Fallbrook and Bonsall.

Time on the market for those entering escrow rose slightly from 36 to an average of 39 days.  In June, homes that sold took 36 days to sell, a full month better than a year earlier.

“Even though there was some heavy discounting, more than 40 percent of the 100 sales in June were equal to or better than the original asking price,” Kalman said. “Many of those that sold at or above the listing price went into escrow in the first month of when they were listed.”

Conventional Transactions the New Norm

Almost two thirds of all transactions were financed with conventional mortgages.  VA/FHA transactions decreased to 22 percent of the activity while cash buyers in Fallbrook and Bonsall represented only12 percent of the transactions, the lowest level in several months.

He said the average selling price per square foot in these two communities, an important metric used to price homes, rose four percent to $264. Bonsall was up to $272 per square foot while Fallbrook was up slightly to $256.  The San Diego County average rose to $381 per square foot.

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

Four high-end homes, two in each community, closed escrow in June with three of them selling at or above the original listing price.  Ten more, six in Fallbrook, are in escrow.  There are 71 of these million-dollar-plus properties on the market, three quarters of them in Fallbrook.

In June, four condos, all in Fallbrook, sold with an average market time of 11 days.  Twelve condos, seven of them in Fallbrook, were in escrow with an average market time of just over a month.  Sixteen condos were on the market entering July, 11 in Bonsall.

Kalman´s data for the reporting periods ending June 30, 2017, came from Sandicor, Inc., and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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.

 

SURGE OF PROPERTIES ENTERING ESCROW ASSURES REAL ESTATE ACTIVITY IN NORTH SAN DIEGO COUNTY WILL REMAIN STRONG HEADING INTO SUMMER

Prices Remain Firm

Average selling price per home in Fallbrook and Bonsall was strong again in May
Average selling price per home in Fallbrook and Bonsall was strong again in May Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., June 6, 2017 — Homes entering escrow, a barometer of future activity, showed marked improvement in May foretelling a continued strong summer selling season for North San Diego County real estate, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

In May, 91 homes came off the market, bringing the number of homes in escrow to 126.  The average price of all those off the market rose to $676,000.  Reflecting strong future activity, the time on the market for those entering escrow dipped 27 percent to an average of 36 days.

May average selling prices at $604,000 were slightly better than May of 2016 and three percent higher than the prior month.  Last month, homes took 40 days or 23 percent less time to sell than a year earlier.

“More than a third of the 75 sales were equal to or better than the original asking price,” Kalman said. “While many of those that sold at or above the listing price went into escrow within a couple of weeks when they were listed, some took a little longer.”

He said the average selling price per square foot in the two communities, an important metric used to price homes, dipped to $253.

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

Cash buyers represented 25 percent of the transactions once again while VA/FHA transactions decreased to 24 percent of the activity, which continued a downward trend since earlier this year when VA/FHA activity peaked.

The inventory had a marginal improvement to 211 units as 116 new properties came on the market in May, still well below seasonal averages for Fallbrook and Bonsall.  This time last year the inventory was 12 percent higher at 240 units.

Seven high-end homes, six in Fallbrook, closed escrow in May with four of them selling at or above the original listing price.  Eleven more, six in Bonsall, are in escrow.  There are 66 of these million-dollar-plus properties on the market, more than 80 percent of them in Fallbrook.

In May, six condos, four in Bonsall, sold; and the average market time for those that sold was slightly more than two months. Three condos were in escrow, all in Fallbrook.  Fourteen condos were on the market entering June, seven in each community.

Kalman´s data for the reporting periods ending May 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.

 

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.