Volume Down, Prices Up in San Diego area Real Estate

Sept. 9, 2011 - PRLog -- FALLBROOK, Calif., Sept. 9, 2011--- Real estate activity in North San Diego County showed mixed results as volume throughout the region dropped in August while prices increased over July levels, Jerry Kalman, a realtor® with The Jacques Company here, reported today.
In Fallbrook and Bonsall, August transaction volume declined for the third month in a row as well as against activity in August of 2010.  On the bright side, average selling prices showed an 11 percent increase over July to $421,000.  In comparing current year prices with those a year ago, August 2011 was 31 percent higher than August 2010 when almost twice as many homes sold in these two communities.
“Traditional home sales dipped during August as less 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 $533,000, an 18  percent increase from the prior month.  Short sale activity remained steady in August as one fourth of all transactions in these two communities required that kind of  lender approval," he said.
Prices varied wildly from original listing as heavy discounting of some homes was offset by substantial price increases in the face of multiple offers in lower price categories.  During August, the average discount from original listing prices was 14 percent.  Twenty percent of the properties, all either lender owned or short sales, had a higher selling price than originally listed, he noted.
Kalman said the single-family residential inventory increased to 293 properties, a ten-month supply based on August results.  The average asking price of that inventory was $699,000, a slight decrease from July.  The number of homes in escrow was 87 properties as 55 came off the market in August, an improvement over July.  The average asking price of those off the market increased to $450,000, or $179 per square foot.
Extraordinary selling delays continue to take place with short sales.  Looking at August transactions, Kalman said it took an average of 74 days from the original listing to sell lender-owned properties and 77 days to move a traditional transaction into escrow.  Lender-owned sales took slightly less time to come off the market, while short sales increased slightly to 130 days.
In the market segment where first time buyers and investor activity concentrates, no condominiums sold in either market.  Seven condos, five in Bonsall, were in escrow.  Entering September, the active inventory of condos was 12 units, six in Fallbrook and six in Bonsall.
Comparing Fallbrook-Bonsall with other North San Diego County communities, Kalman said homes that closed escrow here in August at $167 per average square foot trailed the $260 in Carlsbad, $189 in Oceanside, $187 in San Marcos, $174 in Vista and $170 in Escondido.
Kalman´s data for the reporting periods ending August 31, 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.