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Real estate prices hold up as volume continues its seasonal decline

Thursday, November 14th, 2013
Issue 46, Volume 17.

FALLBROOK – October home-prices remained firm while volume slipped in North San Diego County as the market was in its second month of a seasonal slow-down period, Jerry Kalman, a Realtor® with HomeSmart Real Estate, has reported.

Comparing October real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $506,000 was two percent lower than September but 19 percent better than October 2012. Selling prices were eight percent lower than original asking prices, dragged down by a few instances of extreme discounting, meanwhile one-third of the homes sold at or above the original asking price.

"Most of those that sold at the market price or above had a short time on the market," he said. "The average time on the market in Fallbrook and Bonsall increased to 55 days after several monthly declines, reflecting the seasonal market slow-down."

The single-family residential inventory rose slightly to 275 entering November. Based on October results, the market has more than a four-month supply of homes; and that inventory of single-family homes carried an average asking price of $776,000, or $250 per square foot.

On November first, 97 homes were in escrow as 60 Advertisement
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came off the market during October. The average asking price of those in escrow dropped to $551,000, or $226 per square foot.

At the high end, three homes, two in Fallbrook, sold for more than a million dollars with an average price per square foot of $256. Six homes in that segment were in escrow and another 54 were on the market, carrying an average asking price of $316 per square foot.

None of the condos in escrow closed in October; however, five condos were in escrow, four in Fallbrook. Six more were on the market, three in each community, with an average asking price of $333,000.

Comparing Bonsall/Fallbrook with other North San Diego County markets, Kalman said that homes here sold for $220 per average square foot compared to $318 in Carlsbad, $249 in San Marcos, $246 in Oceanside, $235 Vista, $218 in Escondido, and $203 in Valley Center.

Kalmans data for the reporting periods ending Oct. 31, 2013, came from Sandicor, Inc., the areas multiple listing service for realtors. It represents properties listed or sold by various brokers in San Diego County.

For more information, call HomeSmart Real Estate at (760) 451-1600.



Comment Profile ImageDustin
Comment #1 | Friday, Nov 22, 2013 at 4:17 pm
Yes, this year is feeling the "seasonal slowdown" more than the past 2 years. This is not great news for people still trying to sell their homes before the new year, but may present a great opportunity for buyers to purchase with significantly less competition. We have definitely reached a plateau in sales and prices, but I expect the market to pick back up slowly in January, and then we will be back to competitive market with increased sales and prices by April. Sellers may consider waiting until January-March to list, however you may find more serious buyers now, and with low interest rates, you may get more for your home now than if rates tick up next year.

Article Comments are contributed by our readers, and do not necessarily reflect the views of The Fallbrook Village News staff. The name listed as the author for comments cannot be verified; Comment authors are not guaranteed to be who they claim they are.


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