Real Estate Softens as Key North San Diego County Markets Mirror Activity in Region

FALLBROOK, Calif. - Nov. 5, 2018 - PRLog -- Home prices and volume declined as a combination of diminishing seasonal activity and a tired market affected the local real estate market here, Jerry Kalman, a realtor® with HomeSmart Legends, reported today.

Average prices at $608,000 in Fallbrook and Bonsall declined three percent over October a year ago and versus the prior month, he said.  Time to sell also declined as that important benchmark rose to almost a full two months, a week longer than in September of this year.

According to Kalman, 18 percent of the homes sold at prices equal to or greater than the original listing prices and half of these transactions were sold under VA/FHA/USDA contracts, levels well below those achieved earlier in 2018.  Overall, VA/FHA/USDA transactions represented 25 percent of those that sold while cash deals were at 18 percent, both values remained within the range for most of 2018.

He noted that 69 homes are in escrow here, 17 fewer than the prior month.  Of those 69 homes coming off the market, 43 went into escrow in October.  The average price of all those in escrow entering November was $666,000, a nice rebound of 14 percent from an especially soft September.  This upward bump in escrow prices could alleviate some of the downward pressure on market activity heading into December, he said.

Entering October, approximately 350 homes were in the active inventory.  Bonsall accounted for 30 properties while the larger community of Fallbrook had about 320 homes on the market.

"Average price per square foot helps realtors value homes in highly diverse communities like Fallbrook and Bonsall," he reported.  "Logging an average of $282 per square foot in October, the local market was flat versus September.  Fallbrook increased slightly to $293 per square foot, while Bonsall, with 11 transactions in the period, declined to $271 per square foot."

Kalman said that the San Diego County average decreased two dollars to $400 per square foot.

At the high end, four homes priced over one million dollars closed escrow in October, two in each community.  The average market time for these homes that sold approached four months and the average price per square foot dropped to $271.  Another six of these properties are in escrow, five in Fallbrook.  Almost 70 are in the active inventory, averaging more than three months on the market.

Four condos sold in October, all in Bonsall.  These selling condos were on the market slightly more than a month and carried an average price per square foot of $284.  He said that six attached properties are in escrow, four of them in Bonsall.  The inventory of active condo listings rose to 20 units with an average market time of two months.

Kalman´s data for the reporting periods ending October 31, 2018, and reported by November 4, 2018, came from CRMLS, a regional multiple listing service for area 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 jerry@jerrykalman.com.

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.

Charts and data provided by CRMLS and 10K InfoSparks