FALLBROOK – High seasonal demand and a thin inventory drove real estate prices up again in Fallbrook and Bonsall, Jerry Kalman, a realtor® with HomeSmart Legends, reported May 5.
April average prices at $602,000 were 12 percent better than April of 2016 and three percent higher than March. In April, homes took 37 days or 21 percent less time to sell than a year earlier.
“One third of the 79 sales were at or above the original asking price,” Kalman said. “Many of those that sold at or above the listing price went into escrow within a couple of weeks when they were listed.”
Cash buyers represented 19 percent of the transactions once again while VA/FHA transactions increased to 29 percent of the activity versus 35 percent recorded back in February.
Despite what he termed a “near-buying frenzy” the inventory improved to 202 units entering what he forecast would be a very busy May.
Five high end homes, four in Fallbrook, closed escrow in April with one selling at the original listing price. Nine more, six in Fallbrook, are in escrow. There are 59 of these million-dollar-plus properties on the market, two thirds in Fallbrook.
In April, 74 homes came off the market, an indicator of future activity, bringing the number of homes in escrow to 108. The average price of all those off the market declined to $648,000 as many entry-level properties were snapped up by eager buyers; and the time on the market for those entering escrow dipped to an average of 49 days.
Kalman said the average selling price per square foot in the two communities, an important metric used to price homes, was $263, with Fallbrook and Bonsall up four percent in April over March.
Seven condos, five in Fallbrook, sold in April. Five more condos were in escrow, three in Bonsall. Fourteen condos were on the market entering May, 10 of them in Fallbrook. The average market time for those condos in the active inventory was under two months.
Kalman’s data for the reporting periods ending April 30, 2017, came from Sandicor, Inc., the area’s multiple listing service for realtors. It 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.
HomeSmart Legends is located at 701 S. Main, Fallbrook.