FALLBROOK – Homes entering escrow, a barometer of future activity, showed marked improvement in May, foretelling a continued strong summer selling season for North San Diego County real estate, Jerry Kalman, a Realtor with HomeSmart Legends, reported June 6.
In May, 91 homes came off the market, bringing the number of homes in escrow to 126. The average price of homes off the market rose to $676,000. Reflecting strong future activity, the time on the market for those entering escrow dipped 27 percent to an average of 36 days.
May average selling prices at $604,000 were slightly better than May 2016 and 3 percent higher than the prior month. Last month, homes took 40 days or 23 percent less time to sell than a year earlier.
“More than a third of the 75 sales were equal to or better than the original asking price,” Kalman said. “While many of those that sold at or above the listing price went into escrow within a couple of weeks when they were listed, some took a little longer.”
He said the average selling price per square foot in the two communities, an important metric used to price homes, dipped to $253.
Cash buyers represented 25 percent of the transactions once again while Veterans Affairs and Federal Housing Administration transactions decreased to 24 percent of the activity, which continued a downward trend since earlier this year when VA and FHA activity peaked.
The inventory had a marginal improvement to 211 units as 116 new properties came on the market in May, still well below seasonal averages for Fallbrook and Bonsall. This time last year the inventory was 12 percent higher at 240 units.
Seven high-end homes, six in Fallbrook, closed escrow in May with four of them selling at or above the original listing price. Eleven more, six in Bonsall, are in escrow. There are 66 of these million-dollar-plus properties on the market, more than 80 percent of them in Fallbrook.
In May, six condos sold, four in Bonsall, and the average market time for those that sold was slightly more than two months. Three condos were in escrow, all in Fallbrook. Fourteen condos were on the market entering June, seven in each community.
Kalman’s data for the reporting periods ending May 31 came from Sandicor, 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 Ave., in Fallbrook.