Entry-Level Homes DOmainte North San Diego County RFeal Estate Market in September

FALLBROOK, Calif. - Oct. 5, 2015 - PRLog -- In the absence of sales among high-end homes, real estate prices in two prime North San Diego County markets in September softened, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

The average Fallbrook and Bonsall selling price of $454,000 per home reflected a six percent drop from August 2015 levels; however, there was a 24 percent decline in average selling price from September 2014.  Volume in the two communities was equal with September of 2014 as well as last month.

The average selling price decline in Bonsall to $321,000 per property represented a dramatic drop as nothing above $500,000 sold.  Fallbrook’s average at $476,000 was also notable.

In September, 16 percent of the homes sold at or above the original asking price, and half of them once again were conventional transactions.

Meanwhile, 12 percent of the September transactions were for cash, only three of them at the asking price.  Another third of the homes that sold were under VA/FHA contracts, a continuation of statistics suggesting that first-time buyers and those coming back into the market once again dominate the entry-level segment of the market.

At the high end, no homes sold, though four were in escrow after an average market time of 57 days.  Another 67 homes were in the active inventory where they averaged nearly five months on the market.

Ten condominiums sold in September, six in Fallbrook, with an average price of $260,000 or $218 per square foot in this segment.  Meanwhile, five condos were in escrow, three in Bonsall; and nine were active listings on the market, seven of them in Fallbrook. He attributed the market time improvement to a preponderance of entry-level homes selling, which tend to move off the market quicker than those at more expensive price points.

In September, it took an average of 49 days for homes to sell while on the market, an improvement over August when it took 52 days to move a home into escrow.  During September, 53 homes here came off the market, while the overall number of homes in escrow rose to 80 properties.  The average asking price of those in escrow was $630,000, which suggests some price rises from September’s yearly lows entering the fourth quarter.

The average selling price per square foot, an important metric of pricing, was $230, a nominal drop from August.

Entering October, the residential inventory ballooned as the rate of closings slowed and, with them, properties going into escrow.   He noted that 318 properties were available and that the inventory carried an average asking price of more than $870,000.  Based on September results, the market has a six-month supply of homes.

Kalman´s data for the reporting periods ending September 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 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.