Local October Real Estate Market Shows Mixed Results

FALLBROOK, Calif. - Nov. 4, 2014 - PRLog -- FALLBROOK, Calif., --- Investors and first-time homebuyers dominated October sales activity in two prime North San Diego County real estate markets driving average prices down, Jerry Kalman, a realtor® with HomeSmart Real Estate here, reported today.

Comparing October real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $489,000 showed an 18 percent decline over September and a five percent drop from October, 2013.  Sales volume continued to lag high levels achieved in 2013 as the volume of closed transactions declined nine percent from Oct. 2013, but was essentially flat with September.  In October, 20 percent of the homes sold at or above the original asking price and the average overall selling price last month was seven percent less than the original asking price.

Entering November, the residential inventory dipped to 334 properties.  Based on October results, the market has a five-and-a-half-month supply of homes.

During October, 43 homes here came off the market, bringing the number of homes in escrow to 71 properties.  The average asking price of those in escrow dropped again, reaching $523,000 and that suggests some price increases in the coming months.

The average time on the market for homes that sold was 65 days.  The average elapsed time of those in escrow rose to 65 days while active listings rose again, touching 94 days on the market.

In the million-dollar-plus category, none sold in October though a Fallbrook home priced in this segment entered escrow after 83 days on the market.  Another 72 high-end homes were in the active inventory, 46 in Fallbrook, and the average market time was five months.  Meanwhile, five condominiums closed escrow in October, three in Bonsall, with an average price of $230,000.  They averaged 89 days on the market, though one in Fallbrook skewed the numbers much higher.  Seven more were in escrow and five were active listings, three in Bonsall.

He noted that 25 percent of the October transactions were for cash, averaging 65 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 50 days.  Most of the remaining transactions closed using conventional loans.

Kalman´s data for the reporting periods ending Oct. 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 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 jerry@jerrykalman.com.

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.