FALLBROOK–July real estate volume dropped while prices edged up in two prime North San Diego County communities as the market remained cooler than normal for this time of year, Jerry Kalman, a realtor® with The Jacques Company, reported today. The results, he noted, mirrored activity throughout the region and in other major US markets.
During July, average selling prices in Fallbrook and Bonsall increased to $394,000, nine percent over dismal results in June. Volume was up 15 percent. The current year, however, showed a 33 percent decrease in volume over July 2009 as activity continued to slow even though July traditionally marks a peak month for local real estate sales.
“Lender-owned properties and short sales rose once more, accounting for more than half of selling activity,” he said. “Of those homes neither lender-owned nor a short sale, the average selling price was $435,000, an increase over June but still below May when the average price in traditional transactions was more than $581,000. Nine properties during July sold for a higher price than the original listing, and almost all were either bank-owned or short sales.”
The average discount from original listing prices rose eleven percent in July.
Kalman said the single family residential inventory entering August increased to 366 listings, due in part to reduced product going into escrow. The number of homes in escrow dropped to 73 with an average asking price of $348,000, or $169 per square foot, both of which represented decreases from June levels.
Looking at time to sell a home, it took an average of 29 days from the original listing to sell lender-owned properties, 182 days for a short sale and 62 days to move a traditional sale into escrow.
At the segment of the market where first-time-buyer and investor activity concentrates, seven condos, four in Fallbrook, sold at an average price of $178,000, or $117 per average square foot. Entering August, the active inventory of condos was 15 units, three of which are in Bonsall and the remainder in Fallbrook. The condo inventory had an average asking price of $196,000.
For the second month in a row, the high end of the market remained dormant as none of the 78 million-dollar-plus homes sold, nor did any enter escrow. One property in this category, a short sale, was discounted nearly 40 percent, to sell.
Comparing Fallbrook and Bonsall with other North San Diego County communities, Kalman said homes that closed escrow here in July at $167 per average square foot trailed the $268 in Carlsbad, $199 in Oceanside and San Marcos, $193 in Vista and $179 in Escondido.
Kalman´s data for July 1 through July 31, 2010, came from Sandicor, Inc., the multiple listing service for realtors. It represents properties listed or sold by various brokers in San Diego County. He uses this information to analyze the market and provide professional insight into real estate dynamics and trends as a community service.
Jerry Kalman is a licensed realtor (Calif. DRE # 01328697) in the Fallbrook office of The Jacques Company, 110 S. Main, Fallbrook, CA 92028. He can be reached at (760) 468-4689 or by email at firstname.lastname@example.org.