Fallbrook and Bonsall Real Estate Rebounds in April

FALLBROOK, Calif. - May 6, 2019 - PRLog -- April home prices were up three percent over the prior month but were well short of high-water levels achieved in 2018, Jerry Kalman, a realtor® here with HomeSmart Legends, reported today.

Average selling prices in Fallbrook and Bonsall were $596,000 in April versus $654,000 in April 2018.  Time to sell was essentially flat versus the prior month but was off by 26 percent against April 2018 when the real estate market was stronger and properties moved off the market quicker.

According to Kalman, selling volume was 15 percent less than April 2018 but a similar margin above March of this year.

VA/FHA/USDA transactions remained steady at one third of those that sold while cash deals were 16 percent once again.  Twenty homes sold at prices equal to or greater than the original listing prices, he reported.

He noted that homes in escrow rose to 118 properties here; with 86 going into escrow in April, both significant improvements over March.  The average time on the market for those in escrow dipped to 53 days, and the average price of those in escrow improved to $640,000, which portends of a better spring to come.

Kalman said the inventory increased slightly, as expected at this point in "the selling season", rising to 340 homes.  Entering May, ten percent of the inventory remained among new construction in both communities, most along the I-15 corridor.  Overall, Bonsall accounted for 47 of the available properties at the end of April while the larger community of Fallbrook had about 290 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 $285 per square foot in April, sold properties in the local market dipped six percent from $304 in March.  Bonsall, however, dropped 11 points to $294 per square foot, while Fallbrook was flat at $276 per square foot."

Kalman said that the San Diego County average dropped a point to $398 per square foot among sold homes.

At the high end only one home priced over one million dollars closed escrow in April. Twelve other million-dollar-plus homes, however, are in escrow.  More than 80 of these properties are in the active inventory, averaging almost four months on the market.

At the other end of the spectrum, four condos sold in April, all in Fallbrook.  The condos that sold were on the market an average of just over a month.  He said that 16 attached properties are in escrow, nine of them in the new developments east of Interstate 15.  The inventory of active condo listings was also 16 units, more than a third of these attached properties are in the new complexes in east Fallbrook.

Kalman´s data for the reporting periods ending April 30, 2019, and reported by May 6, 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 41823 N. Enterprise Circle, Suite 130, Temecula, CA  92590.