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North San Diego County Real Estate Begins Second Half Slow Down with Volume Dip
Inventory in Fallbrook and Bonsall Surges as Homes Stay on Market Longer, Prices Rise
Kalman said that it was too soon to tell whether that July softening was part of a seasonal slowdown or suggests an overall topping-out of the market. He noted that during July the average selling price of a home in Fallbrook and Bonsall rose slightly from June. Volume was off a small amount, and 11 percent less than recorded in July, 2017.
According to Kalman 35 percent of the homes sold at prices equal to or greater than the original listing prices and more than half of these transactions were sold under conventional contracts. VA/FHA transactions represented 29 percent of those that sold while cash deals represented 16 percent, repeating a year-long trend.
Average market-time for homes that sold in July neared two months.
He said that 90 homes are in escrow here, with 60 coming off the market in July. The average price of those heading into escrow in July was $691,000, a nominal decrease of one percent over those off the market in June, he said.
Entering August, more than 330 homes were in the active inventory. The average asking price of that active inventory held above $1 million per home. Bonsall accounted for 40 properties while the larger community of Fallbrook has 305 homes on the market.
"Average price per square foot is a metric that helps realtors value homes in highly diverse communities like Fallbrook and Bonsall. Logging an average of $281 per square foot, the local market was up six percent versus June. Fallbrook had a small rise to $271 per square foot, while Bonsall, with only eight transactions in the period, rose 16 percent to $290 per square foot," he reported.
Kalman said that the San Diego County average price per square foot dipped to $398 per square foot.
At the high end, ten homes priced over one million dollars closed escrow in July; eight of them were in Fallbrook. The average market time for these homes that sold approached four months. Another 13 of these properties are in escrow, with nine more coming off the market last month.
Five condos sold in July, three in Bonsall, and they were on the market an average of 32 days. Two attached properties are in escrow, one in each community. Both came off the market in July.
He said that 16 condo-styled homes are in the active inventory with an average market time of close to two months.
Kalman´s data for the reporting periods ending July 31, 2018, and reported by August 4, 2018, came from Sandicor, Inc. and CRMLS, San Diego and Riverside counties' multiple listing services for realtors. This report 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 firstname.lastname@example.org.
HomeSmart, founded in 2000, has more than 14,000 agents and broker associates in offices throughout 17 states. HomeSmart Legends is the first franchise in the HomeSmart system. The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA 92590.