Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma

Fallbrook and Bonsall summer selling season ends with moderating real estate activity

FALLBROOK/BONSALL – Real estate activity here continued its second half tapering paced by a steady volume of available homes along with a dip in prices, Jerry Kalman, realtor® with HomeSmart Realty West, said Sept. 5.

During August, positive real estate activity in Fallbrook and Bonsall was concentrated among entry-level and mid-market homes as some buyers rushed to lock in rising mortgage rates.

In August, selling prices averaged $874,000, 9% below July but 4% higher than August 2021. Selling volume at 65 properties was slightly more than the prior month but one third less than in August 2021.

Kalman saw increased price discounting as some buyers did not accept original listing prices. Slightly less than half of the homes that sold in August closed at or above the original listing price, countering a pattern when that statistic was regularly above 75% in the first half of the year.

While many discounts were in low single digits, others were steep. Notably, those with the highest discounts against original prices occurred in middle market properties.

Days-on-the-market averages for those that sold here rose to 24 days, another indicator of the market stretching out, he said. In June, it was 16 days and in July it was 22 days.

Entering September, the active inventory stayed at 134 properties. The average asking price for those available homes softened to $1,497,000. Time on the market for those in the active inventory rose to 52 days.

Market stasis was reflected in the rate of properties entering escrow as those off the market at 54 homes was roughly the same as those that came on the market. The average asking price for those in escrow dipped to $922,000, 3% lower than in July.

Ten condos sold in August, six in Fallbrook; and the average selling price was $506,000. Three condos are in escrow after 20 days on the market. Eight attached properties are in the active inventory, five in Fallbrook.

Looking at the top of the market, 16 homes above a million dollars sold in August, and all but one was in Fallbrook. They averaged 24 days on the market.

The two-community average price-per-square-foot for these million-plus homes was $489. Eleven of these top-tier homes were in escrow after 27 days on the market; and 69 above the million-dollar price point were active, which was half of the overall inventory here.

The average selling price-per-square-foot here for homes that sold showed a 13% decrease to $386 versus $446 per-square-foot in July. Kalman noted that this important metric also showed a 2% dip from August 2021 when it was $392 per-square-foot. In August, Fallbrook rose 2% to $417 per-square-foot while Bonsall dragged the average down with a 26% drop to $355, due largely to minimal activity there at the high end.

San Diego County, at $592 per-square-foot, dropped 1% from the $598 recorded in July. It was $529 per square foot in August 2021.

Data for reporting periods ending Aug. 31, 2022, and sourced by Sept. 4, 2022, is from CRMLS, a regional multiple listing service for area 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.

Kalman is a Fallbrook/Bonsall-focused realtor (Calif. DRE # 01328697) with HomeSmart Realty West (DRE # 01905908). He can be reached at 760-468-4689 (voice or text) or [email protected].

Nationwide HomeSmart now has more than 25,000 agents and broker associates in 40 states. HomeSmart Realty West, with 800 of those agents operating out of four southern California offices, is headquartered at 300 Carlsbad Village Drive, Carlsbad, CA 92008.

 

Reader Comments(0)

 
 
Rendered 07/02/2024 19:34