Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma
FALLBROOK – A surge in new escrows during March further depleted an already low inventory in North San Diego County as the local real estate market started the spring selling season with a lurch, said Jerry Kalman, a Realtor® with HomeSmart Real Estate.
Comparing March real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $520,000 was four percent lower than February but 11 percent higher than March 2013. Volume was off 20 percent from March of the prior year and only marginally above the short month of February.
Overall, March selling prices were seven percent lower than original asking prices; and in the period, 19 percent of the homes sold at or above the original asking price with very few of those selling above the asking price.
Entering April, the single-family residential inventory dropped six percent to 219 properties. Based on March results, the market currently has a four-month supply of homes. That inventory carried an average asking price of $849,000, or $266 per square foot.
In March, 61 homes came off the market, bringing the total of those in escrow to 81 properties, a significant increase over February activity. The average asking price of those in escrow was $552,000, or $225 per square foot.
The average time on the market for homes that sold here was 55 days, however, those in escrow averaged a scant 39 days on the market.
Kalman’s data for the reporting periods ending March 31, came from Sandicor, Inc., the area’s multiple listing service for Realtors. HomeSmart Real Estate is located at 701 S. Main Ave., Fallbrook.
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