August Real Estate Volume Up, Prices Flat In North San Diego County

Sept. 10, 2012 - PRLog -- FALLBROOK, Calif., Sept. 10, 2012---Real estate activity surged forward in August as volume nearly doubled year-earlier levels while average prices in two prime North San Diego County markets stabilized, Jerry Kalman, a realtor® at The Jacques Company, reported today.

He noted that the average August 2012 selling price in Bonsall and Fallbrook of $416,000 represented another slight decrease in price while volume also increased over the prior month.“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 16 percent higher than the market average at $483,000," he said.

Discounting occurred in all price segments and among lender-owned and traditional sellers as selling prices dropped by an average of 12 percent from those at the original listing.Eleven properties sold for more than the original asking price, three 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, leaving a three and a half-month supply based on August results. The average asking price of the available inventory increased to $857,000.The number of homes in escrow held at 101 properties as 57 came off the market in August.The average asking price of those off the market entering September was $424,000, or $186 per square foot, slightly better than July levels.

As an indication of variations in marketability for the three categories of sellers, Kalman said that in August 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 41 days elapsed from the original listing to sell lender-owned properties and 73 days to move a traditional transaction into escrow, while the average time for short sales on the market dropped to 127 days, a two-month improvement.

In the segment where first time buyers and investor activity occurs, six condominiums, five in Bonsall, sold at an average price of $183,000, or $115 per square foot.Six condos, five in Bonsall, were in escrow.Entering September, the active inventory of condos was eight units, with four in each market.The average asking price of that inventory was $237,000.

Comparing Bonsall and Fallbrook with nearby North San Diego County markets, Kalman said homes that sold here in August at $169 per average square foot trailed $256 in Carlsbad, $208 in Oceanside, $200 in San Marcos, $182 in Vista and $179 in Escondido.

Kalman´s data for the reporting periods ending Aug. 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.