Real estate market continues to improve

FALLBROOK – Real estate activity shows significant signs of improvement in Fallbrook and Bonsall as the number of homes entering escrow in February foretells of a solid spring 'season' in the coming months, Jerry Kalman, a Realtor® with HomeSmart Legends has reported.

The average Fallbrook and Bonsall selling price of $504,000 per home reflected a slight gain over the prior month but a 14 percent drop from a stronger February 2015. Sales volume in the two communities was 16 percent better than in the prior February and a 30 percent increase over January.

Entering March, 221 homes were in the active inventory spanning Fallbrook and Bonsall, a slight increase from Feb. 1.

Meanwhile, the number of new escrows during February increased significantly as 82 homes came off the market, bringing the total of those pending sale to 111. The average time on the market for those entering escrow decreased to 60 days, and the average price of the homes off the market was $579,000.

In February, more than a fifth of the homes sold at or above the original asking price, and many of them were VA or FHA transactions. Overall, 35 percent of the homes that sold were under VA/FHA contracts reflecting demand by first-time homebuyers and those using their VA benefits.

It took an average of 67 days in February for homes to sell while on the market, the same as in January.

The average selling price per square foot, an important metric of pricing, was $233, essentially the same as in January.

At the high end, two homes above one million dollars sold. Entering March, seven high-end homes were in escrow after an average market time of almost four months. Another 52 homes were in the active inventory where they also averaged four months on the market.

Four condominiums, three in Fallbrook, sold in February.

Eight more condos were in escrow, six in Fallbrook; and another

eight were active listings on the market, six of them in Bonsall.

Kalman´s data for the reporting periods ending February 29, 2016, came from Sandicor, Inc., the area's multiple listing service for Realtors and InfoSparks. It 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.

HomeSmart Legends is located at 701 S. Main, Fallbrook.