Real Estate Prices Remain Firm While Volume Slips in N. San Diego County

FALLBROOK, Calif. - Nov. 3, 2013 - PRLog -- FALLBROOK, Calif., Nov. 4, 2013---October home-prices remained firm while volume slipped in North San Diego County as the market was in its second month of a seasonal slow-down period, Jerry Kalman, a realtor® with HomeSmart Real Estate, reported today.

Comparing October real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $506,000 was two percent lower than September but 19 percent better than October 2012.  Selling prices were eight percent lower than original asking prices, dragged down by a few instances of extreme discounting, meanwhile 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,” he said.  “The average time on the market in Fallbrook and Bonsall increased to 55 days after several monthly declines, reflecting the seasonal market slow-down.”

The single-family residential inventory rose slightly to 275 entering November.  Based on October results, the market has more than a four-month supply of homes; and that inventory of single-family homes carried an average asking price of $776,000, or $250 per square foot.

On November first, 97 homes were in escrow as 60 came off the market during October.  The average asking price of those in escrow dropped to $551,000, or $226 per square foot.

At the high end, three homes, two in Fallbrook, sold for more than a million dollars with an average price per square foot of $256.  Six homes in that segment were in escrow and another 54 were on the market, carrying an average asking price of $316 per square foot.

None of the condos in escrow closed in October; however, five condos were in escrow, four in Fallbrook.  Six more were on the market, three in each community, with an average asking price of $333,000.

Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here sold for $220 per average square foot compared to $318 in Carlsbad, $249 in San Marcos, $246 in Oceanside, $235 Vista, $218 in Escondido and $203 in Valley Center.

Kalman´s data for the reporting periods ending October 31, 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.  As a community service, he uses this information to analyze the market and provide professional insight into real estate dynamics and trends.

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 jerry@jerrykalman.com.

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.