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Bonsall/Fallbrook Homes

This Bonsall/Fallbrook Homes Blog brings you comments and insight into changes taking place in one of North San Diego County's most attractive markets ... Bonsall/Fallbrook.

Sunday, May 06, 2018

NORTH SAN DIEGO COUNTY REAL ESTATE PACES REGIONAL AND NATIONAL TRENDS


NORTH SAN DIEGO COUNTY REAL ESTATE
PACES REGIONAL AND NATIONAL TRENDS

May Volume and Pricing Expected to Remain Strong






Charts and Data from Sandicor and 10KInfosparks

FALLBROOK, Calif., May 6, 2018 --- Real estate markets in North San Diego County continued to reflect metrics throughout the region as volume remained at high seasonal levels while prices eclipsed both year-earlier and prior-month activity in April, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.
Kalman said that during April the average selling price of homes in Fallbrook and Bonsall rose to $653,000, a five percent increase over March and 11 percent better than April of last year.  Sales volume was essentially equal to that of March at almost 80 units and slightly less than the 86 recorded in April, 2017.
As a reflection of strong upward price pressure he said that 41 percent of the homes sold at prices equal to or greater than the original listing prices. 
He noted that VA/FHA transactions came in at 27 percent of those that sold while cash deals fell to 18 percent.  More than half of the sales were conventional transactions.
Days on the market is another indicator of the pace of activity.  Homes that closed escrow in April averaged 42 days on the market, a ten percent improvement over March.  More importantly, those coming off the market in April averaged 36 days on the market while carrying an average price of $680,000, both of which augur well for May results, he said.
“Another important metric for any real estate market is the average selling price per square foot.  Coming in at $276 per square foot, the local market was essentially flat versus March.  Fallbrook rose to $269 per square foot, while Bonsall dipped slightly after a robust March to $283 per square foot.”

According to Kalman the San Diego County average rose to $402 per square foot, which was a steady 31 percent higher than the more affordable part of North San Diego County, Fallbrook and Bonsall.
Entering May, 203 homes were in the active inventory, a slight drop from March as the number coming off the market exceeded additions to the local supply of homes.  That active inventory carried an average selling price of more than $1 million per home, once again.
New home developments along the Interstate 15 corridor are beginning to make a noticeable contribution to local results as many detached properties in several tracts come on the market and are sold.  While representing only five percent of the sales in April and a comparable percentage in the available inventory of homes, these properties are expected to become a more significant percentage of transactions in the months to come.
Among other homes in the active inventory market, 58 properties are priced above one million dollars, most of them in Fallbrook.  Ten homes in this segment closed escrow in April after just over 50 days on the market; eight of them were in Fallbrook.  Another 11 of these properties are in escrow now, nine with Fallbrook addresses.
At the other end of the housing spectrum, six condos sold in April after an average of 15 days on the market; four were in Fallbrook.  Another eight are in escrow, six in Fallbrook; and there are nine on the market, all but one in Fallbrook.
Kalman´s data for the reporting periods ending April 30, 2018, and reported by May 6, 2018, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.
HomeSmart, founded in 2000, has more than 14,000 agents and broker associates in offices throughout 17 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

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Sunday, March 04, 2018


SURGE OF NEW ESCROWS COULD BRING NORTH SAN DIEGO COUNTY
REAL ESTATE OUT OF TWO-MONTH VOLUME SLUMP

Low Inventory Levels Bolster Prices









Charts and data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., March 4, 2018 --- Inventory shortages continued to haunt North San Diego County real estate as February sales volume lagged prior periods, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.
He said, “A relatively strong showing in escrows, which rose more than 25 percent over January, was a partial offset for an otherwise lackluster month in Fallbrook/Bonsall real estate.  More than 60 properties came off the market in February, bringing the total in escrow to 107.”
Only 31 homes closed escrow in February, he added, almost 40 percent less than in February of 2017 and 23 percent off levels achieved in January.  An average selling price of $608,000 was eight percent better than February of 2017 and four percent better the prior month.
As a reflection of a persistently thin inventory, 42 percent of the homes sold for prices equal to or greater than the original listing prices.  VA/FHA transactions represented 35 percent of the activity while cash deals came in at 19 percent of the sales, levels consistent with a pattern established over the past two years.
Time on the market also showed some encouragement as the period from listing to entering escrow declined to 42 days, a marked improvement over January when it took more than two months to move a home into escrow.
“Price-per-square-foot is an important metric for pricing homes in diverse communities like Fallbrook and Bonsall,” Kalman said.  “Coming in at $261 per square foot, the local market showed a near recovery from the disastrous $234 recorded in January.  Fallbrook rose 13 percent to $283 per square foot, while Bonsall was up ten percent to $239 per square foot.”








He noted that the county average is running at $398 per square foot, 34 percent higher than this more affordable part of North San Diego County. 
Entering March 184 homes were in the active inventory an increase of only ten properties over the number at the beginning of February.  Ten of those in the inventory are condos, six in Fallbrook.  Five condos, four in Bonsall, are in escrow.
At the high end, there are 50 properties priced above one million dollars, 39 of them in Fallbrook.  None closed escrow in February, though there are 16 of these properties off the market now, most with Fallbrook addresses.
“A strong showing at the top of the market in March could help bolster average prices in the area,” he said.
Kalman´s data for the reporting periods ending February 28, 2018, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.
HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

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Monday, February 05, 2018

VOLUME DIPS AS INVENTORY SHORTAGES CONTINUE TO HAMPER
REAL ESTATE ACTIVITY IN NORTH SAN DIEGO COUNTY MARKET









Charts and Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., February 5, 2018 --- North San Diego County real estate opened 2018 with a whimper after a strong 2017, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today, noting that a surge of new escrows was a bright spot in an otherwise dismal start for 2018.
Kalman said that in January the number of escrows started to increase, reaching 80 homes, two thirds of which came off the market in the month.  The average price of all those off the market rose to $667,000 while the market time dropped below two months.
Almost all the homes coming off the market were in Fallbrook.
At the top of the market, nine million-dollar-plus homes were in escrow, seven of them in Fallbrook, he said.  Meanwhile, five condos, three in Bonsall, were in escrow at the end of January. 
According to Kalman, January real estate sales volume in Fallbrook and Bonsall was down 25 percent against January of 2017 and dipped 37 percent against December.  Average sale prices for single family residences at $608,000 showed a four percent drop over the prior month but was 13 percent better than January 2017, making this another positive for January.
Market time also slipped, expanding out to 63 days in January after notching 45 days for homes that closed escrow in December and 52 days a year ago.
Only four homes sold at or above the original asking price.  VA/FHA transactions increased to 38 percent of the activity in January.  Cash deals were under 20 percent of the sales.
“Price-per-square-foot is an important metric for pricing homes in diverse communities such as we have here in Fallbrook and Bonsall,” Kalman said.  “Due to a steep decline in Bonsall, which struggled to recover from the Lilac Fires in December, January showed a 12 percent dip over December, dropping to $234 versus $265 per square foot.  The average price per square foot in Bonsall was $218, a 20 percent drop from December, while at $250 in neighboring Fallbrook it was essentially flat with December.”








Entering February 174 homes were in the active inventory as some of those that were taken out of active status toward the end of 2017 returned to the market; however, the volume of available properties is still low.  Four of those in the inventory are condos, three in Bonsall.  More than a fourth of the inventory is priced above one million dollars.
Kalman´s data for the reporting periods ending January 31, 2018, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.
HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.


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Friday, January 05, 2018


REAL ESTATE ENTERS 2018 ON STRONG NOTES

IN NORTH SAN DIEGO COUNTY MARKET

 

Effect of Tax Law on Area Real Estate Uncertain

 
 
 
  
 

Charts and Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., January 5, 2018 --- Real estate in North San Diego County ended 2017 with positive momentum that should carry well into 2018, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

He said persistently tight inventories, still favorable interest rates and a robust local economy all point toward a positive near-term marketplace for residential home-selling despite any possible negative effects from recently enacted tax initiatives. 

According to Kalman, December real estate sales volume in Fallbrook and Bonsall was essentially flat compared with the prior month and December 2016.  Average sales prices for single family residences at $631,000 showed a four percent gain over the prior year and one percent better than November, which reflected a typical pattern for the final month of the year.

Most pronounced was the average market time of 45 days for homes that closed escrow in December, a 20 percent improvement over December of 2016.

Almost a third of the homes sold at or above the original asking price, and all but one was either for cash or on a conventional transaction.  VA/FHA transactions dipped to 16 percent of activity in December.  He estimated that a decline in VHA/FHA activity was due more so to lags by lenders in processing loan applications than to any dip in booking these transactions.

 
“Price-per-square-foot is an important metric for pricing homes in diverse communities such as we have here in North San Diego County,” Kalman said.  “In December, we registered a slight increase to $265 per square foot, largely due to a six percent rise in Fallbrook.  The overall San Diego value rose almost ten percent to $383 per square foot, indicating property values are better in this part of the county.”

Looking at properties in escrow, Kalman said that entering the new year, 62 homes were off the market with an average asking price of $622,000.  “That 30 percent decline in volume and relatively flat price indicates January activity might be shallower than a year ago and prices could be nominally flat to slightly lower than in December,” he forecast.

Five condos, four in Bonsall, were in escrow entering January.  At the other end of the spectrum, five million-dollar-plus homes were in escrow, three of them in Fallbrook, and that could help buoy prices coming out of the gate in 2018, he said.

Only 162 homes remained in the active inventory entering 2018, however, Kalman expected that number to increase dramatically as agents and sellers return homes back to the market that they removed for one reason or another. 

 

Comparing 2017 with 2016

 

In most metrics, 2017 was a better year for local real estate than 2016.  He noted improvements in average volume per month, selling prices and market time in 2017; most notable was a seven percent increase in the average selling price last year.

As a reflection of the tight inventory, market times dropped by an average of 14 percent or eight days when comparing 2017 with the prior year.  That same constriction in inventory kept volumes fairly close to each other over the two years at an average of 72 attached and detached homes selling each month.

Price-per-square-foot came in only two percent better at year-end than in 2016 due largely to a dip in the Bonsall valuation, which he attributed more to market volatility than the ravages of the recent Lilac Fire that hit a large chunk of that community.

Kalman´s data for the reporting periods ending Dec. 31, 2017, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

 

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Tuesday, December 05, 2017



NOVEMBER REAL ESTATE ACTIVITY CONTINUES STRONG TREND ESTABLISHED EARLIER THIS YEAR IN FALLBROOK AND BONSALL







Charts and Data provided by Sandicor and 10K InfoSparks

FALLBROOK, Calif., December 5, 2017 --- While real estate volume in November slipped slightly as anticipated nearing the end of the year, home prices remained strong in Fallbrook and Bonsall, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.
            Average selling prices for properties in these two North San Diego County communities at $638,000 were a solid 15 percent better than in November of 2016 and two percent above October of 2017.  Average market time for homes that sold remained at just over two months.
“VA/FHA activity improved slightly to 31 percent of sales, while cash buyers here rose a tick to 18 percent of the transactions,” he said.  “Overall, only 15 percent of the transactions were at or above the original asking price, and half were on VA/FHA contracts.”
In November, the average listing price of those coming off the market rose five percent to $690,000, foretelling of continued price strength as the year ends.  He noted that 57 homes came off the market in November, dropping the total at month-end to 89 units in escrow, both of which represented decreases from October levels.   

“The average selling price per square foot in these two communities dipped 12 percent to $259.  Bonsall dropped 20 percent to $261 per square foot after an exceptionally strong October while Fallbrook was essentially flat at $257,” Kalman added.  The San Diego County average remained steady at $376 per square foot.
Kalman said that four high-end homes, three in Fallbrook, closed escrow in November.  Nine of these million-dollar-plus homes, seven in Fallbrook, are in escrow after an average of four months in the active inventory. 
There are 43 high-end properties on the market, and most of them continue to be in the larger community of Fallbrook.  The average time on the market for those still available is just over three months.
In November, two condos, both in Bonsall, sold after an average market time just over a month, he said.  Meanwhile, eight condos, six in Fallbrook, are in escrow.  Entering December, six condos were on the market, three in each community, with an average market time approaching two months. 
The overall inventory for both detached and condo-styled homes decreased to 181 properties. The overall time on the market for active listings remained roughly the same as in September and October at 72 days.
Kalman´s data for the reporting periods ending Nov. 30, 2017, came from Sandicor, Inc. and CRMLS. San Diego and Riverside counties’ multiple listing services for realtors.  This report 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.  Kalman is a licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.
HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.


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