FALLBROOK–During May, real estate prices and volume resumed an upward climb in two prime North San Diego County communities as the market shrugged off the end of federal tax incentives for first time homebuyers, Jerry Kalman, a realtor® with The Jacques Company, reported today.”
During May, average selling prices in Fallbrook and Bonsall rose 13 percent above April to $427,000. The current year also netted a 15 percent increase in volume over May 2009 as activity increased after that April lull.
“Lender-owned properties and short sales accounted for about one third of the activity,” he said. “Of those homes neither lender-owned nor a short sale, the average selling price was $581,000, a 27 percent increase over traditional sales in April.”
Kalman said the single family residential inventory entering June continued its seasonal climb, rising to 343 listings, an 11 percent increase over the prior month. The number of homes in escrow decreased to 84 residences with an average asking price of $369,000, or $168 per square foot.
At the segment of the market where first-time-buyer and investor activity concentrates, eight condos sold at an average price of $154,000, or $122 per average square foot. Entering June, the active inventory of condos was 20 units, four of which are in Bonsall and the remainder in Fallbrook. The condo inventory had an average asking price of $211,000. He noted that the high end of the market heated up as four million-dollar-plus homes closed escrow in May. None are in escrow.
Comparing Fallbrook and Bonsall with other North San Diego County communities, Kalman said homes that closed escrow here in May at $177 per average square foot trailed the $281 in Carlsbad, $215 in Oceanside, $202 in San Marcos and $182 in Vista, but bettered the $173 in Escondido during the period.
Kalman´s data for May 1 through May 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 jerry@jerrykalman.com.
