Sales activity resumes upward trends in north San Diego County real estate

FALLBROOK – Inventory shortages eased in north San Diego County real estate as March activity shrugged off sales troughs experienced earlier in the year, Jerry Kalman, a real estate agent with HomeSmart Legends here, said.

"Continued strength in new escrows and rapid market times indicated a quickening pace of real estate activity as the Fallbrook and Bonsall communities entered what we affectionately call 'the season,'" Kalman said. "Reflecting an improvement in selling conditions, 70 properties came off the market in March, bringing the total in escrow to 108 homes."

Kalman said that during the month sales volume almost doubled over a paltry February and more than equaled March 2017 when 74 homes closed escrow. Selling prices in March were 11 percent higher than a year ago and 2 percent better than February.

Some 40 percent of the homes sold at prices equal to or greater than the original listing prices. Veteran's Affairs and Federal Housing Administration transactions dropped to 27 percent of solds while cash deals rose to 28 percent.

"A strong showing at the midlevel and top of the market in March bolstered average prices in the area," he said. "Most notably this improvement was reflected in the all-important price-per-square-foot metric.

"Coming in at $278 per square foot, the local market showed a strong recovery from the disastrous $234 recorded in January," Kalman said. "Fallbrook dipped 7 percent to $263 per square foot, while Bonsall was up 23 percent to $293 per square foot, pretty much shrugging off some lingering effects of the Lilac Fire in late 2017."

He said that the San Diego County average is running at $397 per square foot, which was flat against February, but 30 percent higher than this more affordable part of north San Diego County.

Entering April, 220 homes were in the active inventory, reflecting a seasonal increase as sellers and their agents bring many listings back on the market that were canceled or expired in late 2017. That inventory averaged more than $1 million per home, the first time ever at that high of a level.

One reason for that high average valuation he attributed to the 62 properties priced above $1 million now on the market, 50 of them in Fallbrook. Eight of these homes closed escrow in March, two of which in Fallbrook sold at or above their asking price. Another 14 of these properties are off the market now, 12 with Fallbrook addresses.

At the other end of the local spectrum, five condos sold in March after an average of 11 days on the market; three were in Bonsall. The average selling price per square foot was over $250. Another eight are in escrow, six in Fallbrook.

Kalman's data for the reporting periods ending March 31, and reported by April 5, came from Sandicor and California Regional Multiple Listing Service, San Diego and Riverside counties' multiple listing services for realtors. This report 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, 701 S. Main St., in Fallbrook.