FALLBROOK–Strong lender involvement entering 2010 persisted in the North San Diego County real estate market, Jerry Kalman, a realtor® with The Jacques Company, reported today.”
Well more than half the homes that closed escrow in Fallbrook and Bonsall during January were either foreclosures or short sales. Reflecting real estate has progressed well beyond the bottom, he noted that more than a third of the transactions closed at prices higher than when they came on the market. The average selling price in January 2010 was $396,000, or $170 per square foot, seven percent higher than January 2009. Prices and volume were roughly comparable to the prior month.
Kalman noted that the single family residential inventory entering February 2010 rose slightly to 223 listings. The average asking price stands at $769,000, or $243 per square foot.
Selling activity increased in the first month of 2010 as 54 properties entered escrow, bringing the number off the market up to 97 residences. The average asking price of those in escrow after one month in 2010 was $368,000, or $164 per square foot, which could signal a softening in prices in the months ahead.
“Once again, the spread between the original listing and eventual selling prices narrowed, dropping to under two percent, well below the historical norm of three to four percent for this area,” Kalman said.
High-end properties now comprise less than one fifth of this bellwether market. One million-dollar-plus home sold, a foreclosed property; and another went into escrow by January 31. At the other end of the spectrum where first-time-buyer and investor activity concentrates, two Bonsall condos sold at an average selling price of $137,000, or $124 per average square foot. Entering February, seven condos, six in Bonsall, were in escrow. The active inventory of condos declined to 14 units with an average asking price at $259,000. Many are high end duplex units, which carry higher prices and larger footprints.
Comparing Fallbrook and Bonsall with nearby North San Diego County communities, Kalman said homes that closed escrow here in the first month of the new year at $170 per average square foot trailed $272 in Carlsbad, $192 in San Marcos, $187 in Oceanside, $183 in Vista; but bettered $169 in Escondido during the same period.
Kalman´s data for Jan. 1 through Jan. 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 email@example.com.