FALLBROOK–Real estate sales activity in two prime North San Diego County markets showed continued price pressures due to a heavy emphasis on lower priced homes despite a persistently small inventory, Jerry Kalman, a realtor at The Jacques Company, reported today.
He noted that the average May 2012 selling price in Bonsall and Fallbrook of $361,000 represented a five percent increase over the prior month but a 12 percent decrease from May 2011.The volume of transactions, however, decreased over the prior month and May 2011.“More than half of the transactions were traditional sales, and, of homes neither lender-owned nor a short sale, the average selling price was $385,000, the same as in the prior month,” he said.
Discounting occurred in all price segments as average selling prices dropped by an average of nine percent from those at the original listing, an improvement from a protracted period when discounts ran into double digits. Nine properties sold for more than the original asking price, five of them traditional transactions.
Kalman reported that the single-family residential inventory showed a slight uptick to 230 properties, a five month supply based on May results. The average asking price of the inventory declined slightly to $776,000.The number of homes in escrow showed a nice increase to 102 properties as 59 came off the market in May.The average asking price of those off the market entering June was $459,000, or $174 per square foot, an increase over April levels, which portends another likely increase in the average sales price in the July report.
As an indication of variations in marketability for the three categories of sellers, Kalman said that in May the time for properties to move from the active inventory into escrow remained relatively short for lender-owned properties and traditional sales.An average of 45 days elapsed from the original listing to sell lender-owned properties and 68 days to move a traditional transaction into escrow.The average time for short sales on the market ballooned to 179 days.
In the segment where first time buyers and investor activity occurs, four condominiums, three in Bonsall, sold at an average price of $151,000, or $99 per square foot.Six condos, four in Fallbrook, were in escrow.Entering June, the active inventory of condos was ten units, with seven in Bonsall. The average asking price of that inventory was $276,000, as more than half were high-end duplex units.
Comparing Bonsall and Fallbrook with nearby North San Diego County markets, Kalman said homes that sold here in May at $162 per average square foot trailed $255 in Carlsbad, $193 in Oceanside, $189 in San Marcos, $174 in Escondido and $171 in Vista.
Kalman´s data for the reporting periods ending May 31, 2012, 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) based in the Fallbrook office of The Jacques Company.Reach him at (760) 468-4689 or email@example.com.