February Real Estate Activity Increases in North San Diego County

FALLBROOK, Calif. - March 5, 2014 - PRLog -- FALLBROOK, Calif.,--- February home-prices were up over year-earlier and prior-month levels in North San Diego County as the local real estate inventory rose anticipating a surge of activity in the coming months, Jerry Kalman, a realtor® with HomeSmart Real Estate, reported today.

Comparing February real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $543,000 was 15 percent higher than January and 39 percent higher than February 2013.  Overall, selling prices were 12 percent lower than original asking prices.  In February, 21 percent of the homes sold at or above the original asking price, and very few of those sold for a higher price.

Entering March, the single-family residential inventory rose to 234 properties.  Based on February results, the market currently has about a five-month supply of homes.  That inventory carried an average asking price of $832,000, or $261 per square foot.

In February, 56 homes came off the market, bringing the total of those in escrow to 76 properties, a slight decrease over January activity.  The average asking price of those in escrow was $544,000, or $221 per square foot.

The average time on the market for homes that sold here was 51 days, which was ten days better than January.

At the high end, one home sold for more than a million dollars.  Four homes in that segment were in escrow and another 50 were on the market, carrying an average asking price of $356 per square foot.  Meanwhile, three condominium-styled homes sold in February, all in Fallbrook; and two more were in escrow, both in Fallbrook.  Seven units remained on the market, five in Bonsall, with an average asking price of $192 per square foot.

Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here sold for $209 per average square foot, below the $287 in Carlsbad, $258 in San Marcos, $256 in Valley Center and Oceanside, $241 in Vista and $222 in Escondido.

Kalman´s data for the reporting periods ending February 28, 2014, 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) 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.