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Fallbrook #1 in home sales for February

The Greater San Diego Association of Realtors has announced a significant boost in home sales for February, with Fallbrook leading the charge as the top area for home sales.

Spencer Lugash, president of the SDAR, highlighted the positive trend, noting increases in both month-over-month and year-over-year sales compared to February of the previous year. The surge in sales is seen as a promising sign for the local real estate market, which has faced challenges such as high interest rates and limited inventory in the past.

It's also interesting, as the Census Bureau recently released numbers showing that the total number of residents that San Diego County lost to migration nearly doubled compared to 2022. The Census Bureau estimates San Diego County lost 15,956 residents in 2022 compared to 30,745 in 2023. The high cost of living was credited with driving the steady population decline in the county.

However, Fallbrook, recognized for its rural charm and abundant amenities, emerged as the most popular area for home buyers. Following Fallbrook in home sales were North Escondido and Oceanside, further indicating a broadening interest in San Diego County's residential offerings.

Fallbrook Chamber CEO Lila Hargrove said, "Fallbrook has always been a gem in North County. We are no longer hidden. With 31 homes selling last month, people have discovered our rural community. A place where you can grow veggies and fruit, have chickens and horses on a nice size property and be a part of a community."

In addition to the increase in home sales, the median price of single-family homes in San Diego County climbed to just over $1 million in February, a nearly 7% increase from January and a more than 16% rise from the previous year. Condominiums and townhomes also saw price increases, with a median price of $662,000, marking a 7% increase from February 2023.

The most expensive home sold last month was a luxurious Spanish estate in Coronado near the beach, fetching a staggering $28 million. Built in 1925, the historical landmark sits on one of the largest lots in Coronado with a 13,000-square-foot main house, a sprawling guest house and private garden sanctuary. This sale underscores the diverse range of properties available in the county, from historical landmarks to rural homesteads.

SDAR's data indicates a healthy 19.6% increase in single-family home sales from January, 2024 to February, and a 24% leap in sales of attached properties (condominiums and townhomes). Overall, sales of all property types were up almost 7% over February of the previous year, with attached homes leading the way.

As the spring buying season begins, Lugash and the SDAR are optimistic about continued growth in the real estate market. The potential lowering of future interest rates by the Federal Reserve is expected to further stimulate home sales, offering a compelling opportunity for potential homebuyers in San Diego County.

 

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