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Local Real Estate Market Continues Rebound From SLow Summer, Kalman Says
By: Jerry Kalman
Comparing September real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $599,000 showed a seven percent improvement over August and a 20 percent improvement over September, 2013. Sales volume continued to lag high levels achieved in 2013 as the volume of closed transactions dropped 23 percent from Sept. 2013, but was essentially flat with August. In September, 12 percent of the homes sold at or above the original asking price and overall the average selling price last month approached four percent less than the original asking price.
Entering October, the residential inventory rose to 348 properties. Based on September results, the market has a six-month supply of homes.
During September, 59 homes here came off the market, increasing the number of homes in escrow to 78 properties. The average asking price of those in escrow dropped again, reaching $525,000 and that foretells of modest price declines in the coming months.
The average time on the market for homes that sold here settled back to 60 days, a return to a more normal level for the year. The average elapsed time of those in escrow was 59 days while active listings rose slightly to 88 days.
Six properties sold for more than a million dollars and one property priced at this end of the market entered escrow after 101 days on the market. Another 63 high-end homes were in the active inventory, 42 in Fallbrook, and the average market time was more than five months. Meanwhile, three condominiums sold in September, two in Fallbrook, with an average price of $287,000. They averaged 60 days on the market. Seven more were in escrow and 18 were active listings, four in Bonsall.
He noted that 12 percent of the September transactions were for cash, averaging 68 days on the market; meanwhile, 28 percent of those sold were under VA/FHA contracts, often favored by first-time homebuyers, and they were on the market for an average of 44 days. Most of the remaining transactions closed using conventional loans.
Kalman´s data for the reporting periods ending Sept. 30, 2014, came from Sandicor, Inc., the area's multiple listing service for realtors. It represents properties listed or sold by various brokers in San DiegoCounty. As a community service, he uses this information to analyze the market and provide professional insight into real estate dynamics and trends.
Jerry Kalman a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Real Estate, 701 S. Main, Fallbrook, can be reached 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.