Average home sales price in May at $549,000

FALLBROOK – The pace of real estate activity in the Fallbrook/Bonsall market continued to improve as the number of sold properties increased in May, Jerry Kalman, a Realtor® with HomeSmart Real Estate has reported.

After an abnormal jump in April, the average Fallbrook and Bonsall selling price of $549,000 per home reflected a trend established earlier in 2015 with small, single-digit increases. With a six percent increase over May 2014, last month the price point came in 10 percent lower than April when sold properties averaged $608,000. Volume was roughly 18 percent better than both the prior month and May of 2014.

As an indication of increased demand, 23 percent of the homes in May sold at or above the original asking price. Conventional transactions dominated as only 18 percent of the May transactions were for cash. Another 28 percent of those that sold were under VA/FHA contracts.

Indicating interest in low- to mid-range priced homes, the average selling price per square foot, an important metric of pricing, declined in the two communities to $221.

It took 53 days on average in May for homes to sell while on the market, which was also an improvement over April and the complete first quarter.

Entering June, the residential inventory continued its seasonal run-up as 300 properties were available, a slight rise over April, he noted. The market currently has less than a four-month supply of homes, a major improvement over prior months.

During May, 78 homes here came off the market, while the number of homes in escrow dropped to 111 properties. The average asking price of those in escrow rose slightly to $579,000.

At the high end, four homes sold with an average market time of 44 days. Another 67 homes were in the active inventory and six more, three in each community, were in escrow.

Meanwhile, six condominiums sold in May, four in Bonsall, with an average price of $290,000, or $181 per square foot. All six were sold on either conventional or VA/FHA contracts, none for cash. Meanwhile, six condos were in escrow, three in each community; and 17 were active listings on the market, nine of them in Fallbrook.

Kalman´s data for the reporting periods ending May 31, 2015, came from Sandicor, Inc., the area's multiple listing service for realtors. It represents properties listed or sold by various brokers in the region.

To learn more, visit Kalman or the other professionals at HomeSmart Real Estate, 701 S. Main Ave., Fallbrook.