Average September selling prices in Bonsall and Fallbrook of $515,000 were four percent higher than August and 20 percent better than September 2012. Despite some extreme discounting, selling prices were seven percent higher than the original asking prices in September. More than one third of the homes sold at or above the original asking price.
"Most of those that sold at the market price or above had a short time on the market, and only a couple had relatively long periods on the market before selling. The average time on the market in Fallbrook and Bonsall decreased again, reaching a year-low of 42 days in September," he said.
The single-family residential inventory dipped slightly to 272 entering October. Based on September results, the market has less than a five-month supply of homes. The inventory of single-family homes has an average asking price of $787,000 or $252 per square foot.
Entering October, the number of homes in escrow was 101 properties as 63 came off the market last month. The average asking price of those in escrow increased to $556,000, or $228 per square foot.
At the high end, two homes, both in Bonsall, sold for more than a million dollars. Eight homes with an asking price of one million or more are in escrow and another 92 are on the market with an average asking price of $319 per square foot.
Two condos sold, one in each community, at an average selling price of $235,000. Three condos were in escrow, two in Fallbrook; and ten more were on the market, six in Bonsall.
Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here in September sold for $222 per average square foot compared to $321 in Carlsbad, $250 in Escondido, $245 in San Marcos, $223 in Oceanside and Vista and $213 in Valley Center.
Kalman´s data for the reporting periods ending September 30, 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. BRE # 01328697) based in the North County office of HomeSmart Real Estate, 701 S. Main, Fallbrook. Reach him at (760) 468-4689 or firstname.lastname@example.org.
HomeSmart, founded in 2000, has 7200 agents and broker associates in 39 offices throughout eight southwestern states and two countries. HomeSmart Real Estate of California is the first franchise in the HomeSmart system and is now one of 14 territories in the state. The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA 92590.