What's happening with local real estate prices?

Rick Monroe

Special to the Village News

It’s no secret, but real estate in Fallbrook and Bonsall are steep. For the first time, the average listing price is more than $1 million.

The average sales price is much lower, but it’s on the rise. The record for this area is an average transaction of $668,172 in 2006. In 2018, the average approached that level, at $648,286, according to Chris Hasvold, owner of Coldwell Banker Village Properties.

Hasvold has much insight into the local real estate market. He’s been in the business for 39 years, including the last 32 years in Fallbrook.

His local company has made 6,000 transactions since 1993, worth $2.5 billion.

The average home now sells for $700,000 to $775,000, with very little inventory under $500,000. Hasvold said if the sales continue at this rate, it will surpass the 1993 record.

That makes it extremely difficult for young families and average wage earners to buy in this area. He suggests people look in the Temecula area, Vista or Escondido.

He said that Fallbrook is a different market. It seems to be “first in and last out” of bad housing market seasons. He also said every neighborhood is different.

“Our job is to tell what the market is – the truth. Pricing a home can be difficult in Fallbrook/Bonsall because there are often no comps. We’re really good at it, but sometimes we miss. Still, we have a good track record.”

Hasvold specializes in luxury homes, land groves, investment property and development. The 30 approximate agents in the Coldwell Banker Village Properties office provide services in all real estate transactions. For information, call (760) 728-8000.