Local real estate market ends summer selling season with price increases

FALLBROOK – Prices in the Fallbrook and Bonsall real estate markets improved in August after two months of sagging results, Jerry Kalman, a Realtor® with HomeSmart Real Estate, reported last week.

Comparing August real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $559,000 was six percent higher than July and 13 percent better than August 2013, bucking a dismal regional trend.

Sales volume here dropped 33 percent from August 2013 and 17 percent below July of this year, a typical decline for the season.

Eight percent of the homes sold at or above the original asking price, while extreme discounting occurred as several high end homes took big hits from their original asking prices. The average August selling price was nearly 10 percent lower than the original asking price.

Entering September, the residential inventory dropped to 316 properties. Based on August results, the market currently has more than a six-month supply of homes.

During August, 50 homes here came off the market, bringing the number of homes in escrow up to 75 properties. The average asking price of those in escrow dropped to $578,000.

The average time on the market for homes that sold here rose to 70 days after holding at less than two months for most of this year. The average elapsed time of those in escrow was 50 days while those still on the market rose to 86 days.

Two properties sold for more than a million dollars and six properties priced at this end of the market entered escrow after averaging 50 days on the market. Another 70 high-end homes were in the active inventory, 22 in Bonsall. Meanwhile, four condominiums sold in August, two in each community, with an average price of $246,000. They averaged 60 days on the market. Five more were in escrow and 11 were active listings, eight in Fallbrook.

Kalman noted that 18 percent of the August transactions were for cash, averaging 56 days on the market; meanwhile, 18 percent of those sold were under VA/FHA contracts, often favored by first-time homebuyers, and they were on the market for an average of 41 days. Most of the remaining transactions closed using conventional loans.

Kalman’s data for the reporting periods ending Aug. 31, 2014, came from Sandicor, Inc., the area’s multiple listing service for realtors. It represents properties listed or sold by various brokers in San Diego County.

To learn more, visit HomeSmart Real Estate at 701 S. Main Ave., Fallbrook.