NOVEMBER NORTH SAN DIEGO COUNTY REAL ESTATE ACTIVITY SHOWS SURPRISING STRENGTH

Inventory Declines at Typical Pace

Average selling price for homes selling in Bonsall and Fallbrook in November
Average selling price for homes selling in Bonsall and Fallbrook 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 square foot is an imporant metric for pricing homes in Fallbrook and Bonsall's wine country
Average price per square foot is an imporant metric for pricing homes in Fallbrook and Bonsall’s wine country

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 selling price for homes in the emerging Fallbrook wine country in October
Average selling price for homes in the emerging Fallbrook wine country in October

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 selling price per square foot is an imprtant metric for pricing homes in Fallbrook and Bonsall, the Next Napa Valley
Average selling price per square foot is an important metric for pricing homes in Fallbrook and Bonsall, the Next Napa Valley

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's wine country
Average price per transaction in Fallbrook and Bonsall’s wine country

 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 imortant metric in pricing properties in Fallbrook and Bonsall wine country
Average price per square foot is an imortant metric in pricing properties in Fallbrook and Bonsall wine country

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

Data provided by Sandicor and 10K InfoSparks

Average price per property sold in August in Fallbrook and Bonsall, the next wine growing region in Caifornia
Average price per property sold in August in Fallbrook and Bonsall, the next wine growing region in California  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 importnt metric for valuing properties in wine country, Fallbrook and Bonsall
Average price per square foot is an important metric for valuing properties in wine country, Fallbrook and Bonsall  Chart 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 the wine growing region of Falbrook and Bonsall
Average price per transaction for the wine growing region of Falbrook 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.

Average price per square foot is an important metric in pricing properties in the wine growing region of Fallbrook and Bonsall
Average price per square foot is an important metric in pricing properties in the wine growing region of Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

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.

 

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 home in June 2016 in the new wine growing region of Fallbrook and Bonsall
Average price per home in June 2016 in the new wine growing region of Fallbrook and Bonsall

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 properties in the wine growing area around Fallbrook and Bonsall
Average price per square foot is an important metric in pricing properties in the wine growing area around 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.

AVERAGE HOME PRICES UP IN NORTH SAN DIEGO COUNTY MARKETS AS MID-RANGE ACTIVITY INCREASES

Inventory Begins Seasonal Rise, Giving Buyers More Choices

May average price per transaction in Fallbrook and Bonsall, the Next Napa for wine grape growers
May average price per transaction in Fallbrook and Bonsall, the Next Napa for wine grape growers

Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., June 3, 2016 — Real estate sales activity in North San Diego County continued at a high level in May as an increase in mid-level buyers bumped average prices up by four percent, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

Conventional transactions, as opposed to cash or VA/FHA, once again accounted for the preponderance of activity here.  In May, 30 percent of the homes in Fallbrook and Bonsall sold at or above the original asking price, with many of them among those conventional transactions.

For the first time this year, homes that sold using VA/FHA contracts slipped below 30 percent of the transactions.  Cash transactions notched up slightly to 20 percent of the activity.

Average May selling price in the two communities showed a four percent gain over the prior month; however, at $557,000 it also reflected a four percent increase from May 2015 when the average price was $536,000.  Sales volume here was nine percent less than May 2015 and April 2016.

Inventory Up Seven Percent

 Entering June, 240 Fallbrook and Bonsall homes were in the active inventory, four percent above April.

The number of new escrows during May bounced up to 135 as 94 homes came off the market, a 14 percent increase over April.  The average time on the market for those entering escrow held at just under two months, while the average price of the homes off the market was also essentially flat at $608,000.

Among those that sold, it took an average of 52 days in May to sell while on the market, roughly the same amount of time in May 2015.

The average selling price per square foot, an important metric used by many realtors to price homes in the area, was $261, a surprising $30 per foot increase over April. The bump up was largely due to an unusual spike in Bonsall to $276 per average square foot.

Average price per square foot is an important metric in setting prices in Fallbrook and Bonsall
Average price per square foot is an important metric in setting prices in Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

At the high end, only one home sold above one million dollars.  Entering June, ten high-end homes were in escrow after an average market time of almost four months.  Another 56 of these properties were in the active inventory, 38 in Fallbrook.

Five condominiums, four in Fallbrook, sold in May, most of them high-end units.  Eight condos were in escrow after an average of 31 days, six of them were in Fallbrook; and another eight were active listings on the market, six in Bonsall.

Kalman´s data for the reporting periods ending May 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.

APRIL REAL ESTATE ACTIVITY IN NORTH SAN DIEGO COUNTY MARKETS DOMINATED BY ENTRY-LEVEL BUYERS

One Third of Homes Sell at or above Listing Price 

Average selling price per home in Fallbrook and Bonsall in April
Average selling price per home in Fallbrook and Bonsall in April

Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., May 5, 2016 — Real estate sales in North San Diego County continued a high-volume trend in April, paced by sales of entry-level homes, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

In April, one third of the homes in Fallbrook and Bonsall sold at or above the original asking price, with many of them VA or FHA transactions.  Overall, 35 percent of the homes that sold were under VA/FHA contracts.

Another 16 percent of the 86 transactions sold for cash, reflecting the longer-term trend of investors giving way to more traditional buyers.

Average April selling price in the two communities showed a nominal gain over the prior month; however, that $534,000 was also a 12 percent decline from April 2015 when the average price of $609,000 was driven by the sale of seven high-end homes here.  Sales volume in the two communities was 26 percent better than April 2015, but roughly the same as in March.

Entering May, 230 Fallbrook and Bonsall homes were in the active inventory, roughly the same amount that started April.

The number of new escrows during April also remained the same at 128 as 80 homes came off the market, which was a 15 percent decrease from a torrid March.  The average time on the market for those entering escrow dropped to 60 days, while the average price of the homes off the market rose to $607,000.

Based on the escrow figures, May should be another strong month for Fallbrook and Bonsall real estate, but diminishing activity among mid- and high-level homes could keep price averages flat.

It took an average of 46 days in April for homes to sell while on the market, continuing a trend that accelerated in March when it took 59 days for homes to move from the active inventory into escrow.

The average selling price per square foot, an important metric of pricing, was $231, a surprising $11 per foot increase over March.

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

Data provided by Sandicor and 10K InfoSparks

At the high end, three homes sold above one million dollars, two of them in Fallbrook.  Entering May, six high-end homes were in escrow after an average market time of three months.  Another 53 homes were in the active inventory, 37 in Fallbrook.

Three condominiums, two in Bonsall, sold in April, and all but one sold at or above the asking price and average less than two weeks on the market.  Five condos entered escrow after an average of 19 days, three of them were in Fallbrook; and another ten were active listings on the market, five in each community.

Kalman´s data for the reporting periods ending April 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 some 10,000 agents and broker associates in almost 80 offices throughout 14 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.

Fallbrook: The Next Napa Valley

Wine grapes at sunset in Fallbrook, California's, Santa Margarita River Valley, a vintner's emerging paradise.
Wine grapes at sunset in Fallbrook, California’s, Santa Margarita River Valley, a vintner’s emerging paradise.

With many rich-soil microclimates loaded with nutrients suitable for grape cultivation and a “grower’s infrastructure”, Fallbrook is poised to become the next Napa Valley.  Several early-adopting vintners already make Fallbrook a prime growing region for wine grapes.  And with many support services available in the popular Temecula Valley Wine Growing Region, the Tuscan-like hills around this community are a perfect setting for the next world class winery to emerge.

A story in The San Diego Union Tribune, Dec, 6, 2014, adds to the vineyard creds of the county!

And Fallbrook could be a viable destination during harvest time, too.

For more information about homes and land in Fallbrook’s wine-growing areas, contact Jerry Kalman (CA BRE#: 01328697) via text or phone @ (760) 468-4689; by email: jerry@jerrykalman.com.  I’ve already identified several parcels “ripe” for viticulture.

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