FALLBROOK–December real estate activity showed surprising strength despite a several-month downward spiral in volume and prices in two prime North San Diego County communities, Jerry Kalman, a realtor with The Jacques Company, reported today.
During December, average selling prices in Fallbrook and Bonsall increased four percent to $382,000; however, last month represented a nine percent decrease from December 2009 when prices averaged $420,000. Short sales and lender-owned properties accounted for more than half the transactions in December.
“Pricing volatility occurred across the board from entry-level homes into the upper segment as all three categories of sellers rushed to unload properties before a turbulent year ended,” he said.
Comparing 2009 with 2010, he noted that volume ended very close over the two years at approximately 600 units in Fallbrook and Bonsall. Prices in 2010 were off less than two percent over the prior year.
“Of homes neither lender-owned nor a short sale, the average selling price was $327,000, a serious decrease of 25 percent from the prior month. Seven properties sold for a price higher than the original listing price. Most were either bank-owned or short sales. In December, the average discount from original listing prices declined to ten percent.”
Kalman said the single-family residential inventory at the end of December fell, as expected, declining to 275 listings, but immediately after the new year started, the number jumped back above 300 properties, and he expected that to increase as agents relist homes to give them a fresh look for the new year. The number of homes in escrow declined to 61 properties, but the average asking price increased to $406,000, or $167 per square foot.
It took an average of 60 days from the original listing to sell lender-owned properties, 122 days for a short sale and 52 days to move a traditional transaction into escrow.
In the segment of the market where first-time-buyer and investor activity concentrates, one condo in Fallbrook was in escrow and three, all in Bonsall, sold for an average of $132,000, or $107 per square foot. Entering January, the active inventory of condos increased to 13 units, seven of which are in Bonsall and the remainder in Fallbrook.
Comparing Fallbrook and Bonsall with other North San Diego County communities, Kalman said homes that closed escrow here in January at $167 per average square foot trailed the $259 in Carlsbad, $205 in Oceanside, $189 in San Marcos, $177 in Vista and $172 in Escondido.
Kalman´s data for the two reporting periods ending Dec. 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, 110 S. Main, Fallbrook, CA 92028. He can be reached by phone at (760) 468-4689 or at firstname.lastname@example.org.