March Real Estate Activity on Increase in North San DIego County

FALLBROOK, Calif. - April 4, 2015 - PRLog -- Real estate activity in two prime North San Diego County markets showed a seasonal surge of activity as new escrows and the number of properties selling increased in March, Jerry Kalman, a realtor® with HomeSmart Real Estate here, reported today..

The average Fallbrook and Bonsall selling price of $509,000 per home represented a two percent decrease over March 2014, however, it came in 12 percent lower than February 2015 when sold properties averaged $577,000.  Volume was 50 percent greater than the prior month and 20 percent better than a year ago.  The average price per square foot, an important metric of pricing, rose percent in the two communities to $229.

Entering April, the residential inventory started its seasonal run-up as 280 properties were available, he noted.  The market currently has a four-month supply of homes, a normal inventory level.

During March, 79 homes here came off the market, bringing the number of homes in escrow up to 109 properties.  The average asking price of those in escrow rose nine percent to $583,000, an indication of price increases in April and May.

The average time on the market in March for homes that sold was 55 days, a 28 percent improvement over February.  The average time in escrow remained at 64 days.  Listings that remained on the market here dropped to an average of two months.

At the high end, three homes sold in the period with an average market time of 41 days.  Another 55 homes were in the active inventory and seven more were in escrow.  Meanwhile, seven condominiums sold in March, five in Bonsall, with an average price of $231,000.  Eight condos were in escrow; and 17 were active listings, 13 in Fallbrook.

He noted that 38 percent of the March transactions were for cash; and another 23 percent of those that sold were under VA/FHA contracts, programs mostly for first-time homebuyers.  Last month 17 percent of the homes sold at or above the original asking price.

Kalman´s data for the reporting periods ending March 31, 2015, came from Sandicor, Inc., the area's multiple listing service for realtors.  It represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Real Estate, 701 S. Main, Fallbrook, and can be reached at (760) 468-4689 or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has some 8000 agents and broker associates in 70 offices throughout 14 states and two countries.  HomeSmart Real Estate of California is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.