April real estate activity in North County dominated by entry-level buyers

FALLBROOK – Real estate sales in North San Diego County continued a high-volume trend in April, paced by sales of entry-level homes, Jerry Kalman, a Realtor® with HomeSmart Legends reported.

In April, one third of the homes in Fallbrook and Bonsall sold at or above the original asking price, with many of them VA or FHA transactions. Overall, 35 percent of the homes that sold were under VA/FHA contracts.

Another 16 percent of the 86 transactions sold for cash, reflecting the longer-term trend of investors giving way to more traditional buyers.

Average April selling price in the two communities showed a nominal gain over the prior month; however, that $534,000 was also a 12 percent decline from April 2015 when the average price of $609,000 was driven by the sale of seven high-end homes here. Sales volume in the two communities was 26 percent better than April 2015, but roughly the same as in March.

Entering May, 230 Fallbrook and Bonsall homes were in the active inventory, roughly the same amount that started April.

The number of new escrows during April also remained the same at 128 as 80 homes came off the market, which was a 15 percent decrease from a torrid March. The average time on the market for those entering escrow dropped to 60 days, while the average price of the homes off the market rose to $607,000.

Based on the escrow figures, May should be another strong month for Fallbrook and Bonsall real estate, but diminishing activity among mid- and high-level homes could keep price averages flat.

It took an average of 46 days in April for homes to sell while on the market, continuing a trend that accelerated in March when it took 59 days for homes to move from the active inventory into escrow.

The average selling price per square foot, an important metric of pricing, was $231, a surprising $11 per foot increase over March.

At the high end, three homes sold above one million dollars, two of them in Fallbrook. Entering May, six high-end homes were in escrow after an average market time of three months. Another 53 homes were in the active inventory, 37 in Fallbrook.

Three condominiums, two in Bonsall, sold in April, and all but one sold at or above the asking price and average less than two weeks on the market. Five condos entered escrow after an average of 19 days, three of them were in Fallbrook; and another ten were active listings on the market, five in each community.

Kalman's data for the reporting periods ending April 30, 2016, came from Sandicor, Inc., the area's multiple listing service for Realtors. It represents properties listed or sold by various brokers in the region. He is affiliated with HomeSmart Real Estate, 701 S. Main, Fallbrook.