North San Diego County Real Estate Velocity of Transactions Increases in June

July 8, 2011 - PRLog -- NORTH SAN DIEGO COUNTY REAL ESTATE ACTIVITY SHOWS INCREASE IN VELOCITY AS DAYS ON MARKET DIMINISH, KALMAN REPORTS

FALLBROOK, Calif., July 8, 2011--- Real estate activity in North San Diego County showed signs of improvement in June as volume remained strong and prices increased over May and year-earlier levels, Jerry Kalman, a realtor® with The Jacques Company, reported today.
In Fallbrook and Bonsall, June transactions were comparable to the prior two months as well as June of 2010, the final month for expiring tax credits.  Average selling prices showed a four percent increase over May to $434,000 when sales averaged $416,000.  In comparing current year prices with those a year ago, June 2011 was 19 percent higher than June 2010.
“Traditional home sales remained strong in June as more than half of the transactions came from this category of sellers.  Of homes neither lender-owned nor a short sale, the average selling price was $474,000, a five percent decrease from the prior month.  Short sale activity declined after a surge of these sales in May," he said.
Discounting continued to occur across the board in all price categories.  During June, the average discount from original listing prices was 12 percent.  Five properties had a higher selling price than originally listed, he noted.
Kalman said the single-family residential inventory was 311 properties, a six-month supply based on June results.  The average asking price of that inventory was $700,000, a slight decrease from May.  The number of homes in escrow was steady at 88 properties as nearly 50 came off the market in June.  The average asking price of those off the market decreased to $433,000, or $171 per square foot.
As in the past, extraordinary selling delays take place with short sales in particular.  Looking at June transactions, Kalman said it took an average of 54 days from the original listing to sell lender-owned properties, 59 days to move a traditional transaction into escrow and 80 days for a short sale; all, however, significant improvements over May when days on the market were greater.
In the market segment where first time buyers and investor activity concentrates, one condominium in Bonsall sold.  Five condos, three in Bonsall, were in escrow, and all were priced below $200,000.  Entering July, the active inventory of condos was 14 units, eight in Bonsall and six in Fallbrook.
Comparing Fallbrook-Bonsall with other North San Diego County communities, Kalman said homes that closed escrow here in June at $175 per average square foot trailed the $261 in Carlsbad, $196 in Oceanside, $186 in San Marcos and $177 in Vista, but bettered $169 in Escondido.  Fallbrook-Bonsall and Escondido were the only communities to show May-to-June improvement.
Kalman´s data for the reporting periods ending June 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 jerry@jerrykalman.com.