"The average February selling price in Bonsall and Fallbrook of $404,000 represented a seven percent drop from a strong January; however, it was also a 21 percent increase over February 2012. Almost two thirds of the February transactions were traditional sales, which carried an average selling price of $441,000, nine percent higher than the market average," he said.
Despite some isolated instances of extreme discounting, the difference between original and selling prices narrowed during February as selling prices dropped by an average of six percent from those at the original listing. Nineteen properties sold for either the asking price or above the listed price and more than half of them were traditional sales.
The single-family residential inventory decreased again as the number of listings continued to shrink, especially among entry-level and mid-range homes. Based on February results, the market has slightly more than a three-month supply of homes. The average asking price of the 161 homes in that inventory rose to $895,000.
Meanwhile, the number of homes in escrow fell to 81 properties as 46 came off the market. The average asking price of those in escrow entering March increased to $501,000, or $201 per square foot.
Indicating variations in marketability for the three categories of sellers, Kalman said that the time for properties to move into escrow remained shorter for lender-owned transactions than for traditional or short sales. An average of 66 days elapsed from the original listing to sell traditional properties and 50 days to move a lender-owned property into escrow. The average market time for short sales was 109 days, an improvement over prior months.
In an area where first time buyers and investor activity occurs most heavily, eight condominiums were in escrow, five in Bonsall and three in Fallbrook with an average market-time of two months. Three units, two in Bonsall, remained on the market.
Comparing Bonsall and Fallbrook with other North San Diego County markets, Kalman said that one benchmark of pricing increased across the board in these communities as homes that sold here in February were at $183 per average square foot and to $291 in Carlsbad, $214 in San Marcos and Oceanside, $208 in Vista and $200 in Escondido.
Kalman´s data for the reporting periods ending Feb. 28, 2013, 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.
