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Follow on Google News | Real Estate Activity Down Prices Up in North San Diego CountyReal estate activity in North San Diego COunty entered the fourth quarter showing mixed results, with prices up slightly and activity dropping significantly from month earlier and year earlier levels.
By: Jerry Kalman IN NORTH SAN DIEGO COUNTY, KALMAN REPORTS FALLBROOK, Calif., Nov. 8, 2011--- Real estate activity in North San Diego County slackened in October as volume decreased, which is typical in the last quarter of the year, Jerry Kalman, realtor® at The Jacques Company here, reported today. Average selling prices in Fallbrook and Bonsall decreased six percent from September to $379,000. In comparing current year prices with those a year ago, October 2011 was two percent higher than October 2010. “Traditional home sales continued to outpace foreclosed and short sale properties as one half of the volume came from these sellers. Of homes neither lender-owned nor a short sale, the average selling price was $445,000, a 47 percent increase from the prior month. Short sale transactions declined in October while REOs accounted for 30 percent of the sales," he said. For the most part, prices varied by an average of 13 percent from those at the original listing as heavy discounts occurred among all three categories of transactions with the steepest most notable among short and traditional sales. Kalman said the single-family residential inventory here increased slightly to 286 properties, a ten-month supply based on October results. He noted that the inventory drops in the final months of the year as many traditional sellers wait until the new year to list their homes. The average asking price of the inventory was $707,000, a slight decrease from September. The number of homes in escrow at month-end declined to 62 properties as 32 came off the market during October. The average asking price of those off the market decreased to $395,000, or $174 per square foot. Looking at September transactions, Kalman said it took an average of 40 days from the original listing to sell lender-owned properties and 110 days to move a traditional transaction into escrow. Short sales decreased to 170 days. He noted that these are market times as opposed to durations while transactions are in escrow. In the market segment where first time buyers and investor activity concentrates, five condominiums sold, three in Bonsall, carrying an average selling price of $155,000, or $130 per square foot. Two condos, one in each market, were in escrow. Entering November, the active inventory of condos was 15 units, seven in Fallbrook and eight in Bonsall. Comparing Fallbrook-Bonsall with other nearby North San Diego County communities, Kalman said homes that closed escrow here in October at $160 per average square foot trailed the $251 in Carlsbad, $188 in Oceanside, $186 in San Marcos, $181 in Vista and $165 in Escondido. Kalman´s data for the reporting periods ending October 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. End
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