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October Real Estate Continues To Show Strength In North San Diego County
Volume soars in North San Diego County real estate market during strong October as prices remain firm.
"The average October 2012 selling price in Bonsall and Fallbrook of $428,000 represented a slight dip from September but a 12 percent increase over October 2011. Almost two thirds of the transactions last month were traditional sales, and they carried an average selling price of $486,000, 14 percent higher than the market average," he said.
Discounting occurred in all price segments as selling prices dropped by an average of nine percent from those at the original listing. Seventeen properties, ten of them short sales or lender-owned, sold for more than the original asking price.
Kalman reported that the single-family residential inventory continued to decline as more homes moved into escrow in the month, leaving a two and a half-month supply based on October results. The average asking price of the 176 homes in the available inventory increased to $909,000. The number of homes in escrow increased slightly to 96 properties as 52 came off the market in October. The average asking price of those off the market entering November was $423,000, or $185 per square foot.
Indicating variations in marketability for the three categories of sellers, Kalman said that in October the time for properties to move into escrow remained shortest for lender-owned properties than for traditional or short sales. An average of 34 days elapsed from the original listing to sell lender-owned properties and 61 days to move a traditional transaction into escrow, both distinct improvements over prior months. The average market time for short sales stretched out to 128 days, an 11-day increase over September.
After several months of languishing, high-end homes are once again moving and helping shore up the averages. In October, three of these properties closed, two in Bonsall and one in Fallbrook. Their average time on the market was four months and they carried an average price per square foot of $426. Two high-end homes were in escrow and 49 remained on the market.
In an area where first time buyers and investor activity occurs, six condominiums, four in Fallbrook, sold at an average price of $183,000, or $152 per square foot. Three condos, all in Bonsall, were in escrow. Entering November, the active inventory of condos dropped to four units, with two in each market. The average asking price of that inventory was $260,000.
Comparing Bonsall and Fallbrook with other North San Diego County markets, Kalman said homes that sold here in October at $178 per average square foot trailed $266 in Carlsbad, $204 in Oceanside, $203 in San Marcos and $187 in Escondido and Vista.
Kalman´s data for the reporting periods ending Oct. 31, 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.