FALLBROOK–North San Diego County real estate ended 2009 on several positive notes that point toward continued improvement in the new year for this important segment of the area economy, Jerry Kalman, a Realtor® with The Jacques Company, reported today.
“Average December selling prices in Fallbrook/Bonsall at $396,720 were eight percent better than December 2008; transaction volume exceeded year-ago levels by 50 percent,” he said.
Kalman noted that the single family residential inventory entering 2010 decreased to 221 listings as sellers and realtors removed properties from the market or let them expire during the holiday period, bringing average asking prices of homes down ten percent to $737,000, or $232 per square foot. He expected many to come back on the market in the first quarter of the year. Overall, the number of properties in escrow dropped to 82, further reflecting the usual holiday slowdown. The average asking price of those in escrow entering 2010 rose to $393,000, or $163 per square foot.
“Lender-owned and short sale properties accounted for roughly half of the activity. Once again, the spread between the original listing and eventual selling prices narrowed, dropping to under five percent and closer to the historical norm of three to four percent for this area. Significantly, more than a third of the sales closed above original asking prices,” Kalman said.
Among transactions neither lender-owned nor a short sale, the average selling price of $493,185, or $188 per average square foot, was 24 percent above the gross Fallbrook/Bonsall average.
High-end properties comprise roughly one fourth of this bellwether market. Three million-dollar-plus homes sold, all at hefty discounts, while another three were in escrow on January 1. At the other end of the spectrum where first-time-buyer and investor activity concentrates, three condos sold at an average selling price of $112,000, or $114 per average square foot. Entering 2010, six condos, all in Bonsall, were in escrow. The active inventory of condos declined to 15 units with an average asking price at $264,000.
Comparing Fallbrook and Bonsall with nearby North San Diego County communities, Kalman said homes that closed escrow here in December 2009 at $171 per average square foot trailed $263 in Carlsbad, $202 in Oceanside, $191 in San Marcos and $180 in Vista; but bettered $165 in Escondido during the same period.
Kalman´s data for Dec. 1 through Dec.31, 2009, 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 email@example.com.