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Increased Activity Among Mid-range And High End Homes Brings Market Averages Up In North San Diego
Price firm and volume up whiloe inventory down in North San Diego County real estate market.
He noted that the average June 2012 selling price in Bonsall and Fallbrook of $425,000 represented a five percent increase over the prior month and just a one percent decrease from June 2011. The volume of transactions in June increased over the prior month and June 2011. “More than half of the transactions were traditional sales, and, of homes neither lender-owned nor a short sale, the average selling price was 36 percent higher at $523,000," he said.
Discounting occurred in all price segments and among lender-owned and traditional sellers as average selling prices dropped by an average of 11 percent from those at the original listing, two percentage points more than in May when the average discount had dropped to nine percent. Ten properties sold for more than the original asking price, five of them traditional transactions.
Kalman reported that the single-family residential inventory continued to decline as more homes moved into escrow in the month, dropping to a three-month supply based on June results. The average asking price of the inventory increased eight percent to $836,000. The number of homes in escrow decreased eight percent to 94 properties as 54 came off the market in June. The average asking price of those off the market entering July was $445,000, or $178 per square foot, roughly the same as May levels.
As an indication of variations in marketability for the three categories of sellers, Kalman said that in June the time for properties to move from the active inventory into escrow remained shorter for lender-owned properties than for traditional and short sales. An average of 58 days elapsed from the original listing to sell lender-owned properties and 72 days to move a traditional transaction into escrow, while the average time for short sales on the market rose to 187 days. All were increases over May times on the market.
In the segment where first time buyers and investor activity occurs, five condominiums, three in Fallbrook, sold at an average price of $193,000, or $124 per square foot. Three condos, all in Bonsall, were in escrow. Entering July, the active inventory of condos was ten units, with six in Bonsall. The average asking price of that inventory was $298,000, as more than half were high-end duplex units.
Comparing Bonsall and Fallbrook with nearby North San Diego County markets, Kalman said homes that sold here in June at $170 per average square foot trailed $270 in Carlsbad, $222 in Oceanside, $185 in San Marcos, $182 in Vista and $175 in Escondido.
Kalman´s data for the reporting periods ending June 30, 2012, 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. DRE # 01328697) based in the Fallbrook office of The Jacques Company. Reach him at (760) 468-4689 or firstname.lastname@example.org.