April Real Estate Activity Continues Strong Push Into Spring as Metrics Improve

FALLBROOK, Calif. - May 4, 2015 - PRLog -- FALLBROOK, Calif., May 5, 2015 --- 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 April, Jerry Kalman, a realtor® with HomeSmart Real Estate here, reported today.

The average Fallbrook and Bonsall selling price of $608,000 per home represented a 16 percent increase over April 2014.  That increased price point also came in 22 percent higher than March 2015 when sold properties averaged $499,000.  Volume was roughly the same as the prior month as well as a year ago.

The average price per square foot, an important metric of pricing, rose in the two communities to $230.

Entering May, the residential inventory started its seasonal run-up as 294 properties were available, he noted.  The market currently has 4.5-month supply of homes, in keeping with the normal inventory level for early in the second quarter.

During April, 76 homes here came off the market, bringing the number of homes in escrow up to 122 properties.  The average asking price of those in escrow fell two percent to $571,000, an indication of a possible decrease in prices in May.

The average time on the market in April for homes that sold was 68 days, an increase from March.  The average time on the market for those in escrow increased to 58 days.

At the high end, six homes sold in the period with an average market time of 77 days, and all transactions were for cash.  Another 65 homes were in the active inventory and eight more were in escrow.

Meanwhile, five condominiums sold in April, three in Bonsall, with an average price of $239,000.  Four of the five were sold for cash.  Meanwhile, eight condos were in escrow, seven in Bonsall; and 15 were active listings on the market, nine of them in Fallbrook.

He noted that 31 percent of the April transactions were for cash; and another third of those that sold were under VA/FHA contracts, programs mostly for first-time homebuyers.  Last month 30 percent of the homes sold at or above the original asking price.

Kalman´s data for the reporting periods ending April 30, 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.