November home prices continue strong showing in local real estate market

FALLBROOK – New escrows, a leading indicator of real estate activity, showed surprising strength in November in Fallbrook and Bonsall, Jerry Kalman, a Realtor® with HomeSmart Legends reported last week.

During November, 57 homes came off the market, bringing the total of those in escrow to 99, which helped reduce the inventory of active homes to 258.

The average Fallbrook and Bonsall selling price of $537,000 per home reflected a two percent rise over October and a two percent increase in the average selling price over November 2014. Volume in the two communities was slightly better than in 2014 but declined in keeping with seasonal expectations.

In November, 27 percent of the homes sold at or above the original asking price, and half of those were conventional transactions. Another 27 percent of the homes that sold were under VA/FHA contracts, a continuation of a trend sustained throughout the year, which suggests first-time buyers remain a strong force in the local community.

At the high end, one home sold above $1 million. Ten were in escrow after an average market time of 134 days. Another 58 homes were in the active inventory where they averaged more than six months on the market.

Four condominiums sold in November, two in each market, with an average price of $305,000 or $192 per square foot in this important part of the market. Meanwhile, three condos were in escrow, two in Fallbrook; and 10 were active listings on the market, seven of them in Fallbrook.

Reflecting seasonal dynamics, in November it took an average of 76 days for homes to sell while on the market, 55 percent more time than in September when it took 49 days to move a home into escrow.

The average selling price per square foot, an important metric

of pricing, was $207, a six percent decline from October. (Data provided by Sandicor and 10K InfoSparks).

Entering the final month of 2015, the residential inventory continued to drop, paced in part by strong escrow-starts. He noted that 258 properties were available and that the inventory carried an average asking price of more than $900,000. Based on November results, the market has a six-month supply of homes.

In a preliminary look at year-to-date progress in local real estate, he noted that home sales here increased by 15 percent over year-to-date figures in 2014. Prices were four percent better at an average of $541,000 per property.

Kalman´s data for the reporting periods ending Nov. 30, 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 HomeSmart Legends, 701 S. Main Ave., Fallbrook.