Real estate market softens in June

FALLBROOK – Home prices in the Fallbrook/Bonsall area market softened in June despite an increase of those placed in escrow, Jerry Kalman, a Realtor® with HomeSmart Real Estate, reported.

Comparing June real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $505,000 was five percent lower than May and barely three percent better than June 2013. Sales volume was off 44 percent from June of the prior year and 33 percent lower than May 2014. In June of the current year, 18 percent of the homes sold at or above the original asking price. The selling price was approximately four percent lower than the asking price.

Entering July, the single-family residential inventory was at 307 properties, with 94 percent in Fallbrook while six percent were in Bonsall. Based on June results, the market currently has more than a seven-month supply of homes.

During June, 19 homes here came off the market, however, the number of homes in escrow rose to 83 properties, a 20 percent increase over the prior month. The average asking price of those in escrow was $527,000, a four percent increase.

Showing a positive sign for sellers, the average time on the market for homes that sold here remained at 40 days for the second month, which was the same amount of time for those in escrow.

Six properties priced at the high end of the market were in escrow, and another 80 were in the inventory of actively marketed homes. One sold during June. Meanwhile, two condominium-styled homes sold in June, one in each market, with an average price of $348,000. The two of them averaged 90 days on the market. Eight more were in escrow and 10 were active listings.

He noted that just under 10 percent of the June transactions were for cash and those properties averaged more than two months on the market; meanwhile 20 percent of those sold were under a VA/FHA contracts, often favored by first-time homebuyers, and they were on the market for an average of 31 days. The remainder of completed transactions were closed with conventional loans and they hit market averages for selling prices and time on the market.

Kalman’s data for the reporting periods ending June 30, 2014, came from Sandicor, Inc., the area’s multiple listing service for realtors. It represents properties listed or sold by various brokers in San Diego County.

To learn more, call HomeSmart Real Estate at (760) 451-1600 or visit 701 S. Main Ave., Fallbrook.