FALLBROOK–Upward price pressures and an increase in sales activity occurred during February in a prime North San Diego County real estate market, Jerry Kalman, a realtor® with The Jacques Company, reported today.”
Lender-owned homes and short sales accounted for less than half the transactions in Fallbrook and Bonsall. The average selling price in February 2010 was ten percent higher at $353,000 than February 2009. This also reflected a 31 percent increase in volume. Of those homes neither lender-owned nor a short sale, the average selling price was $403,000, or $183 per average square foot.
More than a third of the homes that closed escrow sold above their original asking price, reflecting possible multiple bids. While these circumstances ranged from a small one percent bump on new construction by a major home-builder, a pair of lender-owned homes came in at more than 10 percent above asking prices. Many of those that sold above original asking prices were traditional sales.
He noted that the single family residential inventory entering March 2010 started its seasonal climb, rising more than 10 percent to 252 listings. He noted that the number of homes in escrow dropped to 83 residences. The average asking price of those in escrow was $383,000, or $165 per square foot.
“Breaking a three-month trend, the spread between the original listing and eventual selling prices increased, rising to a ten percent differential,” Kalman said.
At the segment of the market where first-time-buyer and investor activity concentrates, two Bonsall condos sold at an average selling price of $200,000, or $112 per average square foot. Entering March, the active inventory of condos increased to 19 units, three of which are in Bonsall and the remainder in Fallbrook. The active inventory of condos carried an average asking price of $223,000. Ten of the available condos are clustered in the Pala Mesa area and many are duplex units that often carry higher prices because of their larger sizes.
Comparing Fallbrook and Bonsall with nearby North San Diego County communities, Kalman said homes that closed escrow here in February at $166 per average square foot trailed $275 in Carlsbad, $204 in Oceanside, $197 in San Marcos, $188 in Vista and $176 in Escondido during the same period.
Kalman´s data for Feb. 1 through Feb. 28, 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.