FALLBROOK – January home prices were up over year-earlier levels while volume declined in North San Diego County as the local real estate market started 2014 mirroring national and regional average activity, Jerry Kalman, a Realtor® with HomeSmart Real Estate has reported.
“Comparing January real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $473,000 was seven percent lower than in December 2013, but six percent higher than January 2013. Overall, selling prices were 12 percent lower than original asking prices, reflecting an increase in activity among lower priced homes more so than the aggressive discounting that marked prior periods. Twenty percent of the homes in January sold at or above the original asking price, however, the overbids were much narrower than in prior months.”
“Entering February, the single-family residential inventory was 174 properties, a reflection of a slowdown typical for the first quarter, even in a robust market. Based on January results, the market currently has about a four-month supply of homes. That inventory carried an average asking price of $838,000, or $255 per square foot.”
“In January, 63 homes came off the market, bringing the total of those in escrow to 87 properties, an increase over December activity. The average asking price of those in escrow was $553,000, or $234 per square foot.”
“The average time on the market for homes that sold here was 61 days, which was about average for the prior year and 10 percent better than both December and January of 2013.”
“At the high end, one home in each community sold for more than a million dollars. Three homes in that segment were in escrow and another 39 were on the market, carrying an average asking price of $342 per square foot. Meanwhile, five condominium-styled homes sold in January, three in Fallbrook; and three more were in escrow, all in Fallbrook. Five units remained on the market, three in Bonsall, with an average asking price of $197 per square foot.”
“Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here sold for $218 per average square foot, below the $341 in Carlsbad, $257 in Oceanside, $242 in San Marcos, $238 in Vista and $223 in Escondido and Valley Center.”