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FALLBROOK, Calif., Apr. 7, 2014 --- A surge in new escrows during March further depleted an already low inventory in North San Diego County as the local real estate market started the spring selling season with a lurch, Jerry Kalman, a realtor® with HomeSmart Real Estate, reported today.

Comparing March real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $520,000 was four percent lower than February but 11 percent higher than March 2013.  Volume was off 20 percent from March of the prior year and only marginally above the short month of February.  Overall, March selling prices were seven percent lower than original asking prices; and in the period, 19 percent of the homes sold at or above the original asking price with very few of those selling above the asking price.

Entering April, the single-family residential inventory dropped six percent to 219 properties.  Based on March results, the market currently has a four-month supply of homes.  That inventory carried an average asking price of $849,000, or $266 per square foot.

In March, 61 homes came off the market, bringing the total of those in escrow to 81 properties, a significant increase over February activity.  The average asking price of those in escrow was $552,000, or $225 per square foot.

The average time on the market for homes that sold here was 55 days, however, those in escrow averaged a scant 39 days on the market.

At the high end, one home sold for more than a million dollars.  Five homes in that segment were in escrow and another 51 were on the market, carrying an average asking price of $351 per square foot.  Meanwhile, two condominium-styled homes sold in March, both in Fallbrook; and four more were in escrow, two in each community.  Ten units remained on the market, seven in Bonsall, with an average asking price of $196 per square foot.

Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here sold for $218 per average square foot, below the $328 in Carlsbad, $260 in Oceanside, $253 in San Marcos, $237 in Vista, and $227 in Escondido, but above the $212 in Valley Center.

Kalman´s data for the reporting periods ending March 31, 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.

Jerry Kalman

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Source:Jerry Kalman
Location:Fallbrook - California - United States
Industry:Business, Real Estate
Tags:Real Estate, Jerry Kalman, San Diego, Homes
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