Fallbrook, Bonsall home prices stay strong

FALLBROOK – While real estate volume in November slipped slightly as anticipated nearing the end of the year, home prices remained strong in Fallbrook and Bonsall, Jerry Kalman, a Realtor with HomeSmart Legends, said.

Average selling prices for properties in these two North San Diego County communities at $638,000 were a solid 15 percent better than in November 2016 and 2 percent above October 2017. Average market time for homes that sold remained at just over two months.

"VA/FHA activity improved slightly to 31 percent of sales, while cash buyers here rose a tick to 18 percent of the transactions," Kalman said. "Overall, only 15 percent of the transactions were at or above the original asking price, and half were on VA/FHA contracts."

In November, the average listing price of those coming off the market increased 5 percent to $690,000, foretelling of continued price strength as the year ends. He said that 57 homes came off the market in November, dropping the total at month-end to 89 units in escrow, both of which represented decreases from October levels.

"The average selling price per square foot in these two communities dipped 12 percent to $259," Kalman said. "Bonsall dropped 20 percent to $261 per square foot after an exceptionally strong October while Fallbrook was essentially flat at $257."

Kalman added that the San Diego County average remained steady at $376 per square foot.

Kalman said that four high-end homes, three in Fallbrook, closed escrow in November. Nine of these million-dollar-plus homes, seven in Fallbrook, are in escrow after an average of four months in the active inventory.

There are 43 high-end properties on the market, and most of them continue to be in the larger community of Fallbrook. The average time on the market for those still available is just over three months.

In November, two condos, both in Bonsall, sold after an average market time just over a month, he said. Meanwhile, eight condos, six in Fallbrook, are in escrow. Entering December, six condos were on the market, three in each community, with an average market time approaching two months.

The overall inventory for both detached and condo-styled homes decreased to 181 properties. The overall time on the market for active listings remained roughly the same as in September and October at 72 days.

Kalman's data for the reporting periods ending Nov. 30 came from Sandicor and the California Regional Multiple Listing Service, San Diego and Riverside counties' multiple listing services for realtors. The report represents properties listed or sold by various brokers in the region. He used this information to analyze market trends and provide professional insight into real estate activity.

The North County office of HomeSmart Legends is located at 701 S. Main Avenue in Fallbrook.