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.

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

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.

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 price for homes in Fallbrook and Bonsall
Average August selling price for homes in Fallbrook and Bonsall Chart and data from Sandicor, Inc. and 10KInfoSparks

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 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

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 prices for homes in Fallbrook and Bonsall during July
Average selling prices for homes in Fallbrook and Bonsall during July

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

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 for homes in Fallbrook and Bonsall in June
Average selling price for 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 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   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 for homes in Fallbrook and Bonsall, the next Napa Valley
Average selling price for homes in Fallbrook and Bonsall, the next Napa Valley  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.

Average price per square foot is an important metric for pricing homes in the next hot wine country, Fallbrook and Bonsall
Average price per square foot is an important metric for pricing homes in the next hot wine country, 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.

 

LOW INVENTORY CONTINUES TO AFFECT REAL ESTATE PRICES AND DEMAND IN NORTH SAN DIEGO COUNTY

Time on the Market Nears 30 Days

Average selling price for homes in Fallbrook and Bonsall, the next Napa Valley
Average selling price for homes in Fallbrook and Bonsall, the next Napa Valley  Data provided by Sandicor and 10K InfoSparks

 

FALLBROOK, Calif., May 5, 2017 — High seasonal demand and a thin inventory drove real estate prices up again in Fallbrook and Bonsall, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

April average prices at $602,000 were 12 per cent better than April of 2016 and three percent higher than March.  In April, homes took 37 days or 21 percent less time to sell than a year earlier.

“One third of the 79 sales were at or above the original asking price,” Kalman said. “Many of those that sold at or above the listing price went into escrow within a couple of weeks when they were listed.”

Cash buyers represented 19 percent of the transactions once again while VA/FHA transactions increased to 29 percent of the activity versus 35 percent recorded back in February.

Despite what he termed a “near-buying frenzy” the inventory improved to 202 units entering what he forecast would be a very busy May.

Five high end homes, four in Fallbrook, closed escrow in April with one selling at the original listing price.  Nine more, six in Fallbrook, are in escrow.  There are 59 of these million-dollar-plus properties on the market, two thirds in Fallbrook.

In April, 74 homes came off the market, an indicator of future activity, bringing the number of homes in escrow to 108.  The average price of all those off the market declined to $648,000 as many entry-level properties were snapped up by eager buyers; and the time on the market for those entering escrow dipped to an average of 49 days.

Kalman said the average selling price per square foot in the two communities, an important metric used to price homes, was $263, with Fallbrook and Bonsall up four percent in April over March.

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

Seven condos, five in Fallbrook, sold in April.  Five more condos were in escrow, three in Bonsall.  Fourteen condos were on the market entering May, ten of them in Fallbrook.  The average market time for those condos in the active inventory was under two months.

Kalman´s data for the reporting periods ending April 30, 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.

 

THIN INVENTORY IN NORTH SAN DIEGO COUNTY REAL ESTATE MARKET AFFECTS MARCH ACTIVITY

 

Market Velocity Increases with High Demand

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

 

FALLBROOK, Calif., April  2017 — Prices and market-time for homes in Fallbrook and Bonsall improved in March, boosted in part by declining volume, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

The inventory improved steadily throughout the month to 184 units.  Despite an almost 15 percent inventory increase from a very low February, any inventory below 200 units is cause for concern especially entering the second quarter of the year, he said.

Comparing March 2017 with the same period a year ago, prices were 18 percent higher at $584,000 while volume was off 21 percent.  Homes took ten percent less time to sell in March 2017 than in the comparable period a year ago.

Four high end homes, two in each community, closed escrow in March with half of them selling at or above their original listing price.  Twelve more, ten in Fallbrook, are in escrow, which reduced the active inventory in this category by 20 percent.  There are 44 of these million-dollar-plus properties on the market, two thirds of them in Fallbrook.

In March, 74 homes came off the market, an indicator of future activity, bringing the number of homes in escrow to 112.  The average price of all those off the market rose to $661,000; and the time on the market for those entering escrow dipped to an average of 51 days.

Cash buyers represented 19 percent of the transactions while VA/FHA transactions dropped to 25 percent of the activity versus 35 percent in February.

“One fourth of the 67 sales were at or above the original asking price,” Kalman said. “Many of those that sold at or above the listing price went into escrow within a month of when they were listed; notably, some were mid-range and upper-end homes priced well above the market average here.”

He reported that the average selling price per square foot in the two communities, an important metric used to price homes, decreased 11 percent to $258, with Bonsall dropping 21 percent to an average selling price per square foot of $256.  Fallbrook rose 14 percent to an average of $260 per square foot per home, partially offsetting the steep decline in Bonsall.

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

Data provided by Sandicor and 10K InfoSparks

Four condos, two in each community, sold in March.  Six more condos were in escrow, four in Fallbrook.  Four condos were on the market entering April, three of them in Bonsall.  The average market time for those condos in the active inventory was slightly more than four months because most were higher priced townhouse and duplex-style units.

First Quarter 2017 Results

Comparing the first quarter of 2017 with the comparable period a year-ago, aside from an eight percent decline in total number of sales, other important metrics were up.   Market time decreased by 16 percent in the first three months of 2017, while prices of sold homes bumped up by nine percent, due largely to several high-end homes selling in February and March.

Kalman´s data for the reporting periods ending March 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.

 

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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