North San Diego County Real Estate Stablizes

Aug. 7, 2012 - PRLog -- FALLBROOK, Calif., Aug. 8, 2012---Average prices of homes in two prime North San Diego County markets stabilized as several mid-range and high-end properties sold in July, Jerry Kalman, a realtor® at The Jacques Company, reported today.

He noted that the average July 2012 selling price in Bonsall and Fallbrook of $420,000 represented a slight decrease from a robust June but an eight percent increase over July 2011.The volume of transactions in July declined 22 percent, reflecting the typical slowdown that occurs at the end of the summer and into the fall months. “Once again, more than half of the transactions were traditional sales, and, of homes neither lender-owned nor a short sale, the average selling price was 22 percent higher at $512,000," he said.

Discounting occurred in all price segments and among lender-owned and traditional sellers as average selling prices dropped by an average of eight percent from those at the original listing.Nine properties sold for more than the original asking price, two of them traditional transactions, the remainder short sales and lender-owned properties.

Kalman reported that the single-family residential inventory continued to decline as more homes moved into escrow in the month, a four-month supply based on July results. The average asking price of the inventory increased to $850,000.The number of homes in escrow increased eight percent to 101 properties as 59 came off the market in July.The average asking price of those off the market entering August was $431,000, or $182 per square foot, roughly the same as June levels.

As an indication of variations in marketability for the three categories of sellers, Kalman said that in July the time for properties to move from the active inventory into escrow remained shorter for lender-owned properties than for traditional and short sales.An average of 32 days elapsed from the original listing to sell lender-owned properties and 75 days to move a traditional transaction into escrow, while the average time for short sales on the market rose to 190 days.

In the segment where first time buyers and investor activity occurs, four condominiums, three in Fallbrook, sold at an average price of $213,000, or $127 per square foot.Seven condos, five in Bonsall, were in escrow.Entering August, the active inventory of condos was six units, with four in Bonsall. The average asking price of that inventory was $252,000.

Comparing Bonsall and Fallbrook with nearby North San Diego County markets, Kalman said homes that sold here in July at $175 per average square foot trailed $257 in Carlsbad, $194 in San Marcos,$192 in Oceanside and Vista and $183 in Escondido.

Kalman´s data for the reporting periods ending July 31, 2012, 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.