Real Estate Market Remains Strong as Inventory Surges in May
Comparing May real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $534,000 was one percent higher than April and 14 percent better than May 2013. Volume was off 25 percent from May of the prior year but ten percent better than April. In May, 18 percent of the homes sold at or above the original asking price.
Entering June, the single-family residential inventory rose 21 percent to 313 properties, and 17 percent were on Bonsall while 83 percent were in Fallbrook. Based on May results, the market currently has more than a four-month supply of homes.
In May, 47 homes came off the market, bringing the total of those in escrow down to 69 properties, a 19 percent decrease from the prior month. The average asking price of those in escrow was $507,000, a ten percent drop.
The average time on the market for homes that sold here declined to 40 days, 16 fewer than in April.
Homes priced at the high end of the market continued to perform well as three properties sold for more than a million dollars. Two homes in this price range were in escrow, and 77 were in the inventory of unsold homes.
Meanwhile, three condominium-
He noted that 31 percent of the total transactions in May were for cash and 25 percent were VA or FHA loans, the remainder were conventional loans.
Kalman´s data for the reporting periods ending May 31, 2014, 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 7700 agents and broker associates in 66 offices throughout 13 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.