FALLBROOK–May home prices were up three percent over April but once again showed a slight decline from the prior year when real estate activity was greater, Jerry Kalman, a realtor with HomeSmart Legends, reported.
Average May 2019 selling prices in Fallbrook and Bonsall were $610,000 versus $634,000 in May 2018. Time to sell at 48 days improved over April but was off five days against May 2018 when the real estate market was stronger and properties tended to move off the market quicker.
According to Kalman, selling volume showed increases over both May 2018 and April 2019.
VA/FHA/USDA transactions bumped up to 40 percent of the transactions while cash deals dipped to a meager 11 percent of activity in May. Once again, 20 homes sold at prices equal to or greater than the original listing prices, he reported, which as a percentage was a decline to 22 percent of overall selling activity.
He noted that homes in escrow was essentially flat at 120 properties here; with only 77 going into escrow in May, a decline from April and an indication of some headwinds for local activity in the months to come. About one fourth of those in escrow are new construction, most east of Fallbrook along the I-15 corridor.
The average time on the market for those in escrow, also an arbiter of things to come, rose to 66 days; but for new homes it was over three months. The average price of those in escrow improved to $667,000, and that indicates there is still some flex in pricing.
Kalman said the inventory decreased slightly to under 330 homes. Entering June, five percent of the inventory remained among new construction in both communities, most along the I-15 corridor. Overall, Bonsall accounted for 48 of the available properties at the end of May while the larger community of Fallbrook had about 275 single family homes.
“Average price per square foot helps realtors value homes in highly diverse communities like Fallbrook and Bonsall,” he reported. “Logging an average of $270 per square foot in May, sold properties in the local market dipped six percent from April, which was also down from March. Bonsall dropped almost $30 to $265 per square foot, while Fallbrook was down slightly to $275 per square foot.”
Kalman said that the San Diego County average rose to $408 per square foot among sold homes.
At the high end, six homes priced over one million dollars closed escrow in May, four in Fallbrook. Another 11 million-dollar-plus homes, however, are in escrow. More than 90 of these properties are in the active inventory, averaging four months on the market.
At the other end of the spectrum, 13 condos sold in May, 11 in Fallbrook. The condos that sold were on the market an average of just over two months. He said that 11 attached properties are in escrow, seven of them in the new developments east of Interstate 15. The inventory of active condo listings was 14 units with an average market-time approaching three months. Five of them are in Bonsall and the remainder in Fallbrook.
Kalman’s data for the reporting periods ending May 31, and reported by June 6 came from CRMLS, a regional multiple listing service for area realtors. This report represents properties listed or sold by various brokers in the region. He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.
Kalman is a licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or firstname.lastname@example.org.