Average home sales price increases in November

FALLBROOK – Investors and first-time homebuyers continued to dominate sales activity in the Fallbrook and Bonsall real estate markets in the month of November, reported Jerry Kalman, a Realtor® with HomeSmart Real Estate.

Comparing November real estate activity in Fallbrook and Bonsall with prior periods, the average selling price of $521,000 represented a seven percent increase over October and a four percent rise over November, 2013. It also represented $230 per average square foot.

Sales volume lagged high levels achieved in 2013 as closed transactions declined 41 percent from Nov. 2013. Last month, 18 percent of the homes sold at or above the original asking price. The November selling price was 10 percent less than the original asking price.

Entering December, the residential inventory dropped 15 percent to 284 properties as many homes were pulled from the market or the listings allowed to expire, a typical scenario during the final months of the year. Based on November results, the market has a seven-month supply of homes; however, he expects the inventory to spike up again in January and February.

During November, 55 homes here came off the market, raising the number of homes in escrow to 85 properties. The average asking price of those in escrow rose 16 percent, reaching $609,000, which suggests further average price increases in the coming months.

The average time on the market for homes that sold was 60 days. The average elapsed time of those in escrow rose to 74 days. Active listings were up to 103 days on the market.

In the million-dollar-plus category, two Fallbrook homes sold in November, both slightly above the asking price. Another 61 high-end homes were in the active inventory, 37 in Fallbrook, and the average market time held at five months. Meanwhile, two condominiums closed escrow in November, both in Fallbrook, with an average price of $269,000. They averaged four days on the market. Six more were in escrow and 15 were active listings, 13 in Fallbrook.

He noted that 23 percent of the November transactions were for cash and they averaged 66 days on the market; meanwhile, 28 percent of those sold were under VA/FHA contracts, often favored by first-time homebuyers, and they were on the market for an average of 58 days. The remaining transactions closed using conventional loans.

Kalman’s data for the reporting periods ending Nov. 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.

For more information, visit HomeSmart Real Estate, 701 E. Main Ave., Fallbrook.