October Real Estate Shows Slight Decline In Activity
October real estate volume and prices declined in two North San Diego County communities as the economic slowdown coincided with normal year-end activity.
NORTH SAN DIEGO COUNTY COMMUNITIES IN OCTOBER
FALLBROOK, Calif., Nov. 8, 2010---October real estate prices and volume declined in two prime North San Diego County communities as the traditional year-end slowdown coincided with continued economic softness, Jerry Kalman, a realtor® with The Jacques Company, reported today.
During October, average selling prices in Fallbrook and Bonsall dropped eight percent to $375,000, which also represented a three percent decrease from October 2009 when prices averaged $387,000. Short sales and lender-owned properties accounted for less than half the transactions for the first time in several months.
“Discounting occurred across the board from entry-level properties through the upper-middle segment. As in the recent past, activity in high-end homes above one million dollars was almost non-existent,”
“Of homes neither lender-owned nor a short sale, the average selling price was $425,000, an increase from the prior month and a reflection of the overweight we experienced in traditional sales versus those either lender-owned or requiring a short sale. Seven properties sold for a higher price than the original listing price, and most were either bank-owned or short sales. In October, the average discount from original listing prices was 13 percent."
Kalman said the single family residential inventory entering November decreased slightly to 337 listings, a number he expected to continue to decline until early 2011. The number of homes in escrow dropped dramatically to 60 properties and they carried an average asking price of $404,000, or $164 per square foot.
He said it took an average of 67 days from the original listing to sell lender-owned properties, 116 days for a short sale and 46 days to move a traditional sale into escrow.
In one segment of the market where first-time-buyer and investor activity concentrates, three condos, one in Bonsall, sold at an average price of $201,000, or $143 per average square foot. Entering November, the active inventory of condos increased to 13 units, two of which are in Bonsall and the remainder in Fallbrook. The condo inventory had an average asking price of $221,000, or $182 per average square foot with more than half one side of duplex units with more square-footage than townhome-style properties.
Comparing Fallbrook and Bonsall with other North San Diego County communities, Kalman said homes that closed escrow here in October at $172 per average square foot trailed the $260 in Carlsbad, $203 in San Marcos, $200 in Oceanside, $189 in Escondido and $177 in Vista, all coming in lower than September levels.
Kalman´s data for Oct. 1 through Oct. 31, 2010, came from Sandicor, Inc., the 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) in the Fallbrook office of The Jacques Company, 110 S. Main, Fallbrook, CA 92028. He can be reached at (760) 468-4689 or by email at firstname.lastname@example.org.