July Real Estate Activity in San Diego County Market Posts Solid Gains over Prior Month & Year

FALLBROOK, Calif. - Aug. 3, 2015 - PRLog -- FALLBROOK, Calif., August 3, 2015 --- Real estate activity in two prime North San Diego County markets remained strong as prices and volume increased in July while a reduced number of properties entering escrow foretell of slowing activity in the coming months, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

With a seven percent bump over July 2014 levels, the average Fallbrook and Bonsall selling price of $564,000 per home reflected a price increase and with it improved activity across the entire spectrum of homes from condos up through mid-level properties.  Volume was 23 percent better than July of 2014, but only slightly better than June, indicating the beginning of a seasonal taper-off in activity.

Twenty four percent of the homes in July sold at or above the original asking price, and most of them were conventional transactions.  Continuing a trend that started earlier this year, conventional transactions accounted for more than half of the activity.

Only 15 percent of the July transactions were for cash, very few at or above the asking price.  A third of those that sold were under VA/FHA contracts, a positive sign that first-time buyers and those coming back into the market continue to be active.

The average selling price per square foot, an important metric of pricing, was $226, buoyed by an increase in Fallbrook.

In July, it took 66 days on average for homes to sell while on the market, which was a nominal increase over June and ten percent higher than the rate for the entire first half of the year.

Entering August, the residential inventory remained near its highest level of the year with 324 properties available, he noted, and that provides buyers with ample choices for suitable properties.  The market currently has just over a four-month supply of homes, the same as in May and June.

During July, 62 homes here came off the market, while the number of homes in escrow slipped again, dropping to 98 properties.

At the high end, four homes sold, two in each community, with an average market time of 80 days.  Another 63 homes were in the active inventory and three more, two in Bonsall, were in escrow.

Ten condominiums sold in July, five in each community, with an average price of $290,000.  Meanwhile, four condos were in escrow, three in Bonsall; and 19 were active listings on the market, 11 of them in Fallbrook.

Diminished activity at the high end and increasing volume among condos and entry-level homes should further pull average selling prices down in the coming months, he forecast.

Kalman´s data for the reporting periods ending July 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 Legends, 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 almost 80 offices throughout 14 states and two countries.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.