FALLBROOK – January real estate activity launched the new year with several positive indicators that foretell of a good 2017 ahead in two prime North San Diego County markets, Jerry Kalman, a realtor® with HomeSmart Legends in Fallbrook, reported Feb. 6.
“Despite the normally low level of activity at the beginning of any year, Fallbrook and Bonsall posted year-over-year gains in properties sold and average prices as well as a notable improvement in days on the market,” Kalman reported. “The average selling price of $525,000 was six percent higher than January of 2016 and the average market time was 23 percent better at 51 days, versus 66 in the prior year.”
Continuing a trend started late in 2016, several high end homes helped boost prices as three of these properties, all in Fallbrook, closed escrow in January after an average of five months on the market. Eight more, including five in Bonsall, are in escrow, and there are 52 of these million-dollar-plus properties on the market – three-fourths of them in Fallbrook.
Looking at homes coming off the market in January, a good indicator of future activity, 80 homes were in escrow. The average price of those off the market rose 14 percent from December to $639,000. Time on the market for those entering escrow remained steady at just under two months.
Kalman reported that the inventory remained below 200 units as realtors and their sellers kept many properties off the market that were either cancelled or allowed to expire late last year. He expected the inventory to increase as this part of North San Diego County enters the prime selling season, which normally starts after the Super Bowl.
Cash buyers represented 13 percent of the January transactions while VA/FHA transactions accounted for 35 percent of the activity.
“Almost one fourth of the sales in January were at or above the original asking price,” Kalman said. “As happened last month, many of those that sold at or above the original asking price came off the market within a month of when they were listed.”
He noted that the average selling price per square foot in the two communities, an important metric used here to price homes, dipped five percent to $247, with Fallbrook rising to an average selling price per square foot of $279, an unusually high level but understandable with three high end homes closing escrow in January. Bonsall dropped more than 20 percent to an average of $215 per square foot per home, which reflected the absence of high-end activity in January.
Condo activity showed seven units sold, five in Fallbrook. Four more condos were in escrow, three in Fallbrook. Eleven condos were on the market entering February, seven of them in Fallbrook. The average market time for those condos in the active inventory remained near four months.
Kalman´s data for the reporting periods ending Jan. 31, 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. Kalman uses this information as a community service to analyze market trends and provide professional insight into real estate activity.
HomeSmart Legends is located 701 S. Main, Fallbrook.