Real estate markets hold steady as prices rise

FALLBROOK – Real estate markets in North San Diego County started the summer months with rising prices and steady volume, Jerry Kalman, a Realtor® with HomeSmart Legends here, reported July 11.

Kalman reported that during June the average selling price of a home in Fallbrook and Bonsall rose 4 percent over May and 6 percent over June 2017 to $663,000. Sales volume was equal to that of May at 82 units and 22 percent less than 105 recorded in June 2017.

Kalman noted that 40 percent of the homes sold at prices equal to or greater than the original listing prices and half of these transactions were sold under conventional contracts. VA/FHA transactions represented 22 percent of those that sold while cash deals dipped to 12 percent.

Entering July, 262 homes were in the active inventory, a 14 percent increase over the prior month. The asking prices of that active inventory held above $1 million per home, rising to an average of $1,085,000 per property. Bonsall accounted for 39 properties while the larger community of Fallbrook has 223 homes on the market.

Days-on-the-market statistics improved slightly as homes that sold in June averaged 41 days before going into escrow. Those coming off the market in May took longer, averaging 44 days on the market.

The average price of those heading into escrow was $701,000, a nominal increase over those off the market in May, Kalman said, and the average market time is expected to approach two months by the end of the summer selling season.

"Average price per square foot is a metric that helps value homes in highly-diverse communities like Fallbrook and Bonsall," said Kalman. "Logging an average of $265 per square foot, the local market was down 10 percent versus May, which was a high mark for the year. Fallbrook had a small drop to $280 per square foot, while Bonsall, with only 10 transactions in the period, slipped 17 percent to $249 per square foot."

Kalman said that the San Diego County average price per square foot rose slightly to $408 per square foot.

At the high end, 14 homes priced over 1 million dollars closed escrow in June; 11 of them were in Fallbrook. Another 15 of these properties are in escrow, with 11 more coming off the market last month.

Nine condos sold in June, seven were in Fallbrook, and they were on the market an average of 44 days. Three attached properties are in escrow after an average of 24 days in the active inventory, while none came off the market in June.

Kalman´s data for the reporting periods ending June 30, 2018, and reported by July 10, 2018, came from Sandicor, Inc. and CRMLS, 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.

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