FALLBROOK–Real estate prices and sales activity are still rising as North San Diego County continues to shrug off the effects of the recession, Jerry Kalman, a realtor® with The Jacques Company, reported today.”
During March, average selling prices in the two prime North San Diego County communities of Fallbrook and Bonsall rose 26 percent above March 2009. The current year also netted an 18 percent increase in volume over the prior year. Kalman attributed the sharp price increase to several high-end homes selling, and the volume increase to a combination of seasonal factors along with a late surge of entry-level purchases as federal tax credits approached an expiration date at the end of April.
“Lender-owned properties and short sales accounted for two thirds of the activity,” he said. “Of those homes neither lender-owned nor a short sale, the average selling price was $510,000, or $182 per average square foot.”
He noted that pricing remained chaotic as 20 percent of the sales came in above the asking price, almost all foreclosed or short sale properties. Several residences were discounted 30 percent or more and multiple offers added smaller incremental differences on the up-side.
He noted that the single family residential inventory entering April continued its seasonal climb, rising more than 10 percent to 277 listings. The number of homes entering escrow also increased ten percent to 93 residences and they carried an average asking price of $398,000, or $177 per square foot, reflecting some future price stability.
At the segment of the market where first-time-buyer and investor activity concentrates, three Bonsall condos sold at an average price of $109,000, or $119 per average square foot. Entering April, the active inventory of condos decreased to 17 units, four of which are in Bonsall and the remainder in Fallbrook. The active inventory of condos had an average asking price of $219,000.
“Vital signs finally materialized among high-end homes as three closed escrow, one after almost a year on the market. A fourth home in this category started out above the million dollar point and was discounted more than 30 percent before it sold after a year on the market,” he said.
Comparing Fallbrook and Bonsall with nearby North San Diego County communities, Kalman said homes that closed escrow here in March at $168 per average square foot trailed $277 in Carlsbad, $209 in Oceanside, $196 in San Marcos, $190 in Vista and $182 in Escondido during the same period. These benchmarks remained fairly consistent with prior months, he added.
Kalman´s data for Mar. 1 through Mar. 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, 105 S. Main, Fallbrook, CA 92028. He can be reached at (760) 468-4689 or by email at firstname.lastname@example.org.