FALLBROOK–Real estate activity in North San Diego County was buoyed by short sales in November as volume increased and prices stabilized nearing the year-end, Jerry Kalman, realtor®at The Jacques Company here, reported today.
Average selling prices in Fallbrook and Bonsall rose over November 2010 to $380,000 while November was slightly lower than the prior month this year.
“Traditional home sales once again showed strength against foreclosed and short sale properties as 42 percent of the volume came from these sellers.Of homes neither lender-owned nor a short sale, the average selling price was $469,000, a five percent increase from the prior month.Short sale transactions increased in November while REOs declined to 24 percent of the sales,” he said.
For the most part, prices varied by an average of 16 percent from those at the original listing as heavy discounts occurred among all three categories of transactions with the steepest most notable once again among short and traditional sales.
Kalman said the single-family residential inventory here increased slightly to 290 properties, a seven-month supply based on November results. He noted that ordinarily the inventory drops in the final months of the year as many traditional sellers wait until the new year to list their homes; however, as the pace of lender activity increases in processing homes in default, the inventory of these homes is increasing and many more are expected to move into escrow faster, taking up some of the seasonal slack.The average asking price of the inventory was $724,000, a marginal increase over October.
The number of homes in escrow entering December increased to 79 properties as 44 came off the market in November.The average asking price of those off the market decreased to $360,000, or $161 per square foot.
Kalman said that in November it took an average of 52 days from the original listing to sell lender-owned properties and 82 days to move a traditional transaction into escrow.Short sales decreased again, dropping to 145 days.He noted that these are market times as opposed to durations while transactions are in escrow.
In the market segment where first time buyers and investor activity concentrates, not one listed condominium sold locally.Three condos, two in Bonsall, were in escrow.Entering December, the active inventory of condos was 17 units, ten in Fallbrook and seven in Bonsall.
Comparing Fallbrook-Bonsall with nearby North San Diego County markets, Kalman said homes that sold here in November at $171 per average square foot trailed $248 in Carlsbad, $189 in San Marcos, $187 in Oceanside and $173 in Vista, but exceeded $169 in Escondido.
Kalman´s data for the reporting periods ending November 30, 2011, came from Sandicor, Inc., the area’s 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) working out of the Fallbrook office of The Jacques Company.Reach him at (760) 468-4689 or, firstname.lastname@example.org.