“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.

MARCH REAL ESTATE ACTIVITY BEGINS LIKE A LAMB AND ROARS LIKE A LION IN NORTH SAN DIEGO COUNTY MARKETS

Many Metrics Point Toward Strong April

Average price per transaction in selling homes for Fallbrook and Bonsall in March 2016

Average price per transaction in selling homes for Fallbrook and Bonsall in March 2016

Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., April 4, 2016 — Following a tepid February, real estate activity started the spring “selling season” in March with marked improvement in pricing and volume, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

The average Fallbrook and Bonsall selling price of $532,000 per home reflected a six percent gain over the prior month and a seven percent increase over March 2015.  Sales volume in the two communities was 19 percent better than in the prior March and a 58 percent increase over February.

Entering April, 228 homes were in the active inventory spanning Fallbrook and Bonsall, a slight increase from March 1.

Meanwhile, the number of new escrows during March increased as 94 homes came off the market, bringing the total of those nearing sale to 127.  The average time on the market for those entering escrow decreased to 59 days, and the average price of the homes off the market was $584,000.

Both the price and volume new escrow figures indicate April will be another strong month for Fallbrook and Bonsall real estate.

In March, 25 percent of the homes sold at or above the original asking price, and many of them were VA or FHA transactions.  Overall, 40 percent of the homes that sold were under VA/FHA contracts that reflects strengthening demand by first-time homebuyers and those using their VA benefits in this area.

It took an average of 53 days in March for homes to sell while on the market, a significant improvement over January and February.  The average selling price per square foot, an important metric of pricing, was $222, $10 less per foot than February.

Average price per home is an important metric in valuing homes in the nascent new wine country of Fallbrook and Bonsall
Average price per home is an important metric in valuing homes in the nascent new wine country of Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

At the high end, two homes sold above one million dollars.  Entering April, seven high-end homes were in escrow after an average market time of five months.  Another 51 homes were in the active inventory where they averaged three months on the market.

Six condominiums, four in Fallbrook, sold in March.  Seven more condos were in escrow, three in Fallbrook; and another 11 were active listings on the market, six of them in Bonsall.

First Quarter Comparisons

Comparing first quarter results of 2016 with the prior year shows the total number of homes selling in the current year was 19 percent better than in 2015; however, the average selling price of $514,000 in 2016 was five percent lower than last year.

Significantly, VA/FHA transactions in the first quarter of this year represented almost 40 percent of the sales volume while last year they were barely 30 percent.  Cash transactions, meanwhile, dropped to 15 percent of the sales in 2016 as opposed to 2015 when they were more than one fifth of the closings.

Kalman´s data for the reporting periods ending March 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 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.

REAL ESTATE ACTIVITY BEGINS SEASONAL CLIMB INNORTH SAN DIEGO COUNTYMARKETS

 

Prices Lag Year-Earlier Levels

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

 Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., March 4, 2016 — Real estate activity shows significant signs of improvement in two prime San Diego County markets as the number of homes entering escrow in February foretells of a solid spring “season” in the coming months, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

The average Fallbrook and Bonsall selling price of $504,000 per home reflected a slight gain over the prior month but a 14 percent drop from a stronger February 2015.  Sales volume in the two communities was 16 percent better than in the prior February and a 30 percent increase over January.

Entering March, 221 homes were in the active inventory spanning Fallbrook and Bonsall, a slight increase from February 1.

Meanwhile, the number of new escrows during February increased significantly as 82 homes came off the market, bringing the total of those pending sale to 111.  The average time on the market for those entering escrow decreased to 60 days, and the average price of the homes off the market was $579,000,

In February, more than a fifth of the homes sold at or above the original asking price, and many of them were VA or FHA transactions.  Overall, 35 percent of the homes that sold were under VA/FHA contracts reflecting demand by first-time homebuyers and those using their VA benefits.

It took an average of 67 days in February for homes to sell while on the market, the same as in January.

The average selling price per square foot, an important metric of pricing, was $233, essentially the same as in January.

Average price per aquare foot is an important metricin valuing homes in Fallbrook and Bonsall
Average price per aquare foot is an important metricin valuing homes in Fallbrook and Bonsall

Data provided by Sandicor and 10K InfoSparks

At the high end, two homes above one million dollars sold.  Entering March, seven high-end homes were in escrow after an average market time of almost four months.  Another 52 homes were in the active inventory where they also averaged four months on the market.

Four condominiums, three in Fallbrook, sold in February.  Eight more condos were in escrow, six in Fallbrook; and another eight were active listings on the market, six of them in Bonsall.

Kalman´s data for the reporting periods ending February 29, 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, and can be reached at (760) 468-4689 or jerry@jerrykalman.com; and a digital business card is at: http://bit.ly/1ITN3uA

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.

PRICE SOFTNESS CONTINUES IN NORTH SAN DIEGO COUNTY REAL ESTATE MARKET

Inventory Begins Its Inexorable Seasonal Rise

 Ave_Price_Per_Jan_2016

Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., February 5, 2016 — January real estate activity slackened in two prime North San Diego County markets as prices and volume declined from December levels, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

The average Fallbrook and Bonsall selling price of $496,000 per home reflected a 14 percent decline from January of 2015 and a seven percent decline from a relatively stronger December 2015.  Sales volume in the two communities was 14 percent better than in the prior January but a big 38 percent drop from December.

Entering February, 220 homes were in the active inventory spanning Fallbrook and Bonsall, a slight increase over the low number recorded in January.  Of those 220, 211 were single family detached homes and nine were condos.

During January, the number of new escrows improved as 55 homes came off the market, bringing the total of those in escrow to 81.  The average time on the market for those entering escrow decreased slightly to 68 days, and the average price of the homes was $578,000, which suggested price increases in the coming months.

In January, 20 percent of the homes sold at or above the original asking price, and all but one of those were VA or FHA transactions.  Overall, 38 percent of the homes that sold were under VA/FHA contracts, a trend that carried over from 2015 when first-time homebuyers and those using their VA benefits represented a significant portion of local buyers.

At the high end, nothing above one million dollars sold, though two in Fallbrook came off the market.  Eight high-end homes were in escrow after an average market time of more than three months.  Another 50 homes were in the active inventory where they averaged more than five months on the market.

One Fallbrook condominium sold in January.  Meanwhile, ten condos were in escrow, five in each community; and nine were active listings on the market, five of them in Fallbrook.

Reflecting seasonal dynamics, in January it took an average of 66 days for homes to sell while on the market, a timeframe still higher than the average during 2015.

The average selling price per square foot, an important metric of pricing, was $234, an eight percent increase over December.

Average price for residential real estate in Fallbrook and Bonsall in January
Average price for residential real estate in Fallbrook and Bonsall in January

Data provided by Sandicor and 10K InfoSparks

Kalman´s data for the reporting periods ending January 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, and can be reached at (760) 468-4689 or jerry@jerrykalman.com; and a digital business card is at: http://bit.ly/1ITN3uA

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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