Average Home Prices Up in North San Diego County Markets as Mid-Range Activity Increases

FALLBROOK, Calif. - June 3, 2016 - PRLog -- Real estate sales activity in North San Diego County continued at a high level in May as an increase in mid-level buyers bumped average prices up by four percent, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

Conventional transactions, as opposed to cash or VA/FHA, once again accounted for the preponderance of activity here.  In May, 30 percent of the homes in Fallbrook and Bonsall sold at or above the original asking price, with many of them among those conventional transactions.

For the first time this year, homes that sold using VA/FHA contracts slipped below 30 percent of the transactions.  Cash transactions notched up slightly to 20 percent of the activity.

Average May selling price in the two communities showed a four percent gain over the prior month; however, at $557,000 it also reflected a four percent increase from May 2015 when the average price was $536,000.  Sales volume here was nine percent less than May 2015 and April 2016.

Inventory Up Seven Percent

Entering June, 240 Fallbrook and Bonsall homes were in the active inventory, four percent above April.

The number of new escrows during May bounced up to 135 as 94 homes came off the market, a 14 percent increase over April.  The average time on the market for those entering escrow held at just under two months, while the average price of the homes off the market was also essentially flat at $608,000.

Among those that sold, it took an average of 52 days in May to sell while on the market, roughly the same amount of time in May 2015.

The average selling price per square foot, an important metric used by many realtors to price homes in the area, was $261, a surprising $30 per foot increase over April. The bump up was largely due to an unusual spike in Bonsall to $276 per average square foot.

At the high end, only one home sold above one million dollars.  Entering June, ten high-end homes were in escrow after an average market time of almost four months.  Another 56 of these properties were in the active inventory, 38 in Fallbrook.

Five condominiums, four in Fallbrook, sold in May, most of them high-end units.  Eight condos were in escrow after an average of 31 days, six of them were in Fallbrook; and another eight were active listings on the market, six in Bonsall.

Kalman´s data for the reporting periods ending May 31, 2016, 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, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 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.