San Diego Real Estate Climbs Higher

FOLSOM, Calif. - July 8, 2013 - PRLog -- FALLBROOK, Calif., July 8, 2013---June real estate sales activity remained strong in North San Diego County as the inventory of single family residences lagged demand, Jerry Kalman, a realtor® with HomeSmart Real Estate, reported today.

Average June selling prices in Bonsall and Fallbrook of $500,000 were four percent over May and 18 percent better than June 2012.  As a reflection of the increased demand, the average days on the market throughout most sections of North San Diego County dropped.

Despite some isolated instances of extreme discounting, the difference between original and selling prices narrowed in June as selling prices dropped an average of seven percent from those at the original listing.  One third of the homes sold at or above the original asking price.

The single-family residential inventory rose to 211 homes, just slightly above May levels, as the market neared equilibrium.  Based on June results, the market has a three-month supply of homes.  The inventory average asking price is $873,000 or $262 per square foot entering July.

Meanwhile, the number of homes in escrow slipped to 96 properties as 66 came off the market in June, a decrease in activity from a robust May.  The average asking price of those in escrow increased to $530,000, or $213 per square foot.  As a reflection of continued short selling, 37 homes came off the market, poised to enter escrow once they receive lender authorization; 89 percent were in Fallbrook.

At the high end, five homes, three in Bonsall, sold for more than a million dollars; and their average time on the market was 106 days, a one month improvement.  Five homes with an asking price of one million or more are in escrow and another 60 are on the market, carrying an average asking price of $340 per square foot.

Four condos sold, two in each community, at an average selling price of $269,000.  Two condominiums were in escrow, both in Fallbrook; and two Bonsall condos were on the market, both more than a month.

Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here in June sold at $203 per average square foot compared to $280 in Carlsbad, $246 in Oceanside, $236 in San Marcos, $231 in Vista, $210 in Escondido and $205 in Valley Center.

Kalman´s data for the reporting periods ending June 30, 2013, 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. BRE # 01328697) based 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.