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Despite Seasonal Slowdown, Real Estate Remains Strong Entering December
Residential real estate in North San Diego County showed continued strength despite the typical seaonal slowdown at year-end.
"The average November 2012 selling price in Bonsall and Fallbrook of $429,000 represented a slight increase from an unusually strong October but a sharp 23 percent increase over November 2011. Almost two thirds of the transactions last month were traditional sales, and they carried an average selling price of $451,000, five percent higher than the market average," he said.
Discounting occurred in all price segments as selling prices dropped by an average of 12 percent from those at the original listing. Seventeen properties sold for the asking price or more than the original asking price, indicating home priced to move rapidly. Most sold in less than a month, easily beating the average time for properties on the market.
Kalman reported that the single-family residential inventory continued to decline as more homes moved into escrow in the month, leaving a three-month supply based on November results. The average asking price of the 167 homes in the available inventory remained at $909,000. The number of homes in escrow decreased slightly to 83 properties as 46 came off the market in November. The average asking price of those off the market entering December was $441,000, or $186 per square foot.
Indicating variations in marketability for the three categories of sellers, Kalman said that in November the time for properties to move into escrow remained shortest for lender-owned properties than for traditional or short sales. An average of 40 days elapsed from the original listing to sell lender-owned properties and 57 days to move a traditional transaction into escrow. The average market time for short sales zoomed out to 183 days, a two-month increase over October.
In an area where first time buyers and investor activity occurs, two condominiums, one in each market, sold at an average price of $165,000, or $140 per square foot. Three condos, all in Bonsall, were in escrow. Entering December, the active inventory of condos was four units, with two in each market. The average asking price of that inventory was $284,000.
Comparing Bonsall and Fallbrook with other North San Diego County markets, Kalman said homes that sold here in November at $179 per average square foot trailed $268 in Carlsbad, $205 in Oceanside, $202 in San Marcos, $186 in Vista and $182 in Escondido.
Kalman´s data for the reporting periods ending Nov. 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 email@example.com.