North San Diego County Real Estate Ends Year Up
Comparing December real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $511,000 was slightly better than November and 13 percent higher than December 2012. Overall selling prices were 13 percent lower than original asking prices, depressed by several in the mid- and high-end that experienced extreme discounting. Twenty percent of the homes in December sold at or above the original asking price.
Kalman reported that 2013 volume was 15 percent over 2012 and prices were 22 percent above year-earlier levels. "While Bonsall accounted for nine percent of the transactions, prices there comprised 20 percent of the total in the two communities."
Entering 2014, the single-family residential inventory was down to 193; however, he expected more homes to come back on the market, reaching 250 or more residences by the end of the first quarter. Based on December results, the market currently has a three-month supply of homes. That inventory carried an average asking price of $739,000, or $247 per square foot.
In December, 42 homes came off the market, bringing the total of those in escrow to 72 properties. The average asking price of those in escrow was $554,000, or $241 per square foot.
At the high end, one home sold for more than a million dollars. Six homes in that segment were in escrow and another 34 were on the market, carrying an average asking price of $320 per square foot. Meanwhile, two condos sold in December, one in each community; and five were in escrow, two in Bonsall. Five units remained on the market, three in Fallbrook, with an average asking price of $224 per square foot.
Activity in vacant land or parcels hosting agricultural operations improved during 2013, increasing by 51 percent over 2012. By the end of 2013, 71 parcels sold at an average price of $153,000 or $20,000 per acre. The 119 active land listings averaged 7.6 acres, with an average parcel price of $360,000, or $47,000 per acre.
Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here sold for $220 per average square foot compared to $310 in Carlsbad, $242 in San Marcos, $240 in Oceanside, $225 in Vista, $221 in Escondido and $215 in Valley Center.
Kalman´s data for the reporting periods ending December 31, 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. As a community service, he uses this information to analyze the market and provide professional insight into real estate dynamics and trends.
Jerry Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Real Estate, 701 S. Main, Fallbrook. Reach him at (760) 468-4689 or firstname.lastname@example.org.
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.