Local Real Estate Ends 2011 on a High Note, Kalman Reports

Jan. 8, 2012 - PRLog -- FALLBROOK, Calif., Jan. 9, 2012--- Real estate activity in North San Diego County ended the year on a high note as rising traditional sales accounted for half the sales activity in December, Jerry Kalman, realtor® at The Jacques Company here, reported today.
“Of homes neither lender-owned nor a short sale, the average selling price was $336,000, a 28 percent decrease from the prior month.  The volume of short sale transactions increased in December while REOs declined to 15 percent of the sales," he said.
Heavy discounting occurred as average selling prices in Fallbrook and Bonsall declined from December 2010 levels to $334,000.  December prices were also lower than November 2011.  Overall, prices varied by an average of 16 percent from those at the original listing.  The steepest declines were most notable among short sales.  Eight properties, most of them traditional sales, sold for more than the original asking price, indicating possible multiple offers.
Comparing all of 2011 with 2010, he reported that residential sales volume was flat while prices were up four percent.  In the prior year, volume received a boost from tax credits for first-time homebuyers that expired in mid-2010.
Kalman said the single-family residential inventory here decreased to 238 properties, a four and a half-month supply based on December results.   The average asking price of the inventory was $730,000, a marginal increase over November.
"The drop in inventory is seasonal, and we expect a surge of 'new' listings coming back online in the first quarter as traditional sellers bring their homes back on the market.  In addition, we expect foreclosure volume to rise in the first quarter as lenders lift their holiday moratorium and aggressively move many short sale listings into a foreclosed status."
The number of homes in escrow entering January decreased to 72 properties as 37 came off the market in December.  The average asking price of those off the market was $370,000, or $163 per square foot, slight increases over the prior month.
Kalman said that in December it took an average of 36 days from the original listing to sell lender-owned properties and 63 days to move a traditional transaction into escrow.  Short sale times on the market increased, rising to an extraordinary seven months while on the market.
In the segment where first time buyers and investor activity occurs, two listed condominiums sold locally.  Two in each community, were in escrow.  Entering January, the active inventory of condos was 13 units, seven in Fallbrook and six in Bonsall.
Comparing Fallbrook-Bonsall with nearby North San Diego County markets, Kalman said homes that sold here in December at $156 per average square foot trailed $247 in Carlsbad, $188 in San Marcos, $186 in Oceanside, $178 in Vista and $169 in Escondido.
Kalman´s data for the reporting periods ending December 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) based in the Fallbrook office of The Jacques Company.  Reach him at (760) 468-4689 or jerry@jerrykalman.com.