Fallbrook and Bonsall Real Estate Prices and Volume Rebound after January Down Draft

FALLBROOK, Calif. - March 9, 2019 - PRLog -- February home prices rose 17 percent while the number of those closing escrow increased ten percent as local real estate started the "selling season" with several bright spots, Jerry Kalman, a realtor® with HomeSmart Legends, reported today.

Average selling prices at $628,000 in Fallbrook and Bonsall were three percent better than February 2018, he said.  Time to sell also showed an improvement as that important benchmark dipped under two months.

According to Kalman, four of the homes that sold in this part of North San Diego County were new detached properties along the I-15 corridor.

VA/FHA/USDA transactions represented 36 percent of those that sold while cash deals rose to 20 percent.  Another third of the homes sold at prices equal to or greater than the original listing prices, he reported.  Most were either VA/FHA or cash transactions.

He reported that 64 homes are in escrow here, approximately the same as in January; however, 46 went into escrow in February.  Eight of those in escrow were in the new projects along Interstate 15.  The average price of those in escrow at the end of February was $631,000, a slight drop from January.

Kalman said the inventory in February dipped slightly.  Entering March, approximately 250 homes were in the active inventory, with at least 32 units among new construction, 20 along the I-15 corridor and three in a new project in Bonsall.  Overall, Bonsall accounted for 30 properties listed at the end of February while the larger community of Fallbrook had about 220 single family homes.

"Average price per square foot helps realtors value homes in highly diverse communities like Fallbrook and Bonsall," he reported.  "Logging an average of $279 per square foot in February, sold properties in the local market rose seven percent from $260 in January.  Fallbrook rose three points to $280 per square foot, while Bonsall recovered by 13 percent to $278 per square foot."

Kalman said that the San Diego County average rose a small amount to $393 per square foot among sold homes.

At the high end four homes priced over one million dollars closed escrow in February with an average market time of four months. Three other million-dollar-plus homes, however, are in escrow; and all are in Fallbrook.  Approximately 65 are in the active inventory, averaging almost four months on the market.

At the other end of the spectrum, two condos sold in February, one in each community.  The condos that sold were on the market just under two months.  He said that six attached properties are in escrow, four of them in Fallbrook in the new developments east of Interstate 15.  The inventory of active condo listings rose to 16 units, one fourth of them are in the new complexes east of the freeway.

Kalman´s data for the reporting periods ending February 28, 2019, and reported by March 8, 2019, 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. DRE # 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.