FALLBROOK – Prices and market-time for homes in Fallbrook and Bonsall improved in March, boosted in part by declining volume, Jerry Kalman, a realtor® with HomeSmart Legends here, reported April 5.
The inventory improved steadily throughout the month to 184 units. Despite an almost 15 percent inventory increase from a very low February, any inventory below 200 units is cause for concern especially entering the second quarter of the year, he said.
Comparing March 2017 with the same period a year ago, prices were 18 percent higher at $584,000 while volume was off 21 percent. Homes took 10 percent less time to sell in March 2017 than in the comparable period a year ago.
Four high end homes, two in each community, closed escrow in March with half of them selling at or above their original listing price. Twelve more, 10 in Fallbrook, are in escrow, which reduced the active inventory in this category by 20 percent. There are 44 of these million-dollar-plus properties on the market, two thirds of them in Fallbrook.
In March, 74 homes came off the market, an indicator of future activity, bringing the number of homes in escrow to 112. The average price of all those off the market rose to $661,000; and the time on the market for those entering escrow dipped to an average of 51 days.
Cash buyers represented 19 percent of the transactions while VA/FHA transactions dropped to 25 percent of the activity versus 35 percent in February.
“One fourth of the 67 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 month of when they were listed; notably, some were mid-range and upper-end homes priced well above the market average here.”
He reported that the average selling price per square foot in the two communities, an important metric used to price homes, decreased 11 percent to $258, with Bonsall dropping 21 percent to an average selling price per square foot of $256. Fallbrook rose 14 percent to an average of $260 per square foot per home, partially offsetting the steep decline in Bonsall.
Four condos, two in each community, sold in March. Six more condos were in escrow, four in Fallbrook. Four condos were on the market entering April, three of them in Bonsall. The average market time for those condos in the active inventory was slightly more than four months because most were higher priced townhouse and duplex-style units.
First Quarter 2017 Results
Comparing the first quarter of 2017 with the comparable period a year-ago, aside from an eight percent decline in total number of sales, other important metrics were up. Market time decreased by 16 percent in the first three months of 2017, while prices of sold homes bumped up by nine percent, due largely to several high-end homes selling in February and March.
Kalman´s data for the reporting periods ending March 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. 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.