REAL ESTATE RECOVERY CONTINUES INTO NOVEMBER, SAYS KALMAN

FALLBROOK, Calif., Nov. 6, 2009 --- "Fueled by first-time homebuyers and aggressive lender pricing, the recovery in North San Diego County real estate continued through October,” Jerry Kalman, Realtor® with The Jacques Company, reported today.
“Though average selling prices in Fallbrook/Bonsall at $394,976 were six percent lower than October 2008, transaction volume exceeded the year-ago level by 30 percent.”
He said the available inventory here increased slightly to 262 listings and the average asking price decreased to $853,186, or $252 per square foot. In October, 61 new listings came on the market, and 10 quickly went into escrow before month-end. The overall number of properties in escrow decreased 18 percent to 98, indicating a seasonal slowdown as the holiday period nears. The average asking price of those in escrow declined to $340,669, or $159 per square foot, which suggests a further moderation in prices over the coming months, he said.
“Lender-owned and short sale properties represented more than half of the October volume. Of significance, the spread between the original listing price and eventual selling price narrowed to nine percent,” Kalman said, “and 40 percent sold for more than their asking prices! Most homes negotiated above their original asking price were foreclosures and short sales and they probably had multiple offers; however, several traditional transactions also sold for more than the asking price, but at overall narrower price differentials than lender-owned properties.”
Of transactions neither lender-owned nor a short sale, the average selling price of $476,849, or $193 per average square foot, was 21 percent above the gross Fallbrook/Bonsall average, “a huge difference despite all the increases over asking prices on lender-owned properties,” he noted.
High-end properties, still one fourth of the local market, remained a quiet segment as only two million-dollar-plus homes sold. At the other end of the spectrum where first-time-buyer activity is strongest, four condos sold at an average selling price of $107,850, or $101 per average square foot. Entering November, 10 condos were in escrow, eight in Bonsall. The active inventory of condos rose to 16, six in Bonsall and 10 in Fallbrook; and the average asking price dipped to $284,000.
Comparing Fallbrook and Bonsall with nearby North San Diego County communities, Kalman said homes that closed escrow here at $171 per average square foot were above Escondido’s $159; but lower than the $274 in Carlsbad, $197 in San Marcos, $187 in Oceanside and just above $178 in Vista.
Kalman used data for Oct. 1 through Oct. 31, 2009, from Sandicor, Inc., the multiple listing service for realtors, which represents properties listed or sold by various brokers in San Diego county. He uses the information to analyze the market and provide professional insight into real estate dynamics and trends as a community service.
Jerry Kalman is a licensed realtor (Calif. DRE # 01328697) in the Fallbrook office of The Jacques Company, 110 S. Main, Fallbrook, CA 92028, and can be reached at (760) 468-4689 or by email at jerry@jerrykalman.com.

Bonsall and Fallbrook Real Estate Update

SEPTEMBER REAL ESTATE ACTIVITY SHOWS STABILITY
IN NORTH SAN DIEGO COUNTY, SAYS KALMAN

FALLBROOK, Calif., Oct. 6, 2009 --- "Despite a surge in foreclosed and short sale properties closing escrow, the Fallbrook/Bonsall real estate market showed long overdue stabilizing signs,” Jerry Kalman, Realtor® with RE/MAX United, reported today.
“These two prime North San Diego County communities finally crossed the line as September 2009 selling prices exceeded those of September 2008, a welcome sign after many months of negative comparisons. Average selling prices at $417,074 were three percent higher than September 2008. Volume exceeded 2008 by 25 percent.”
He said the active inventory here dropped to 254 listings and the average asking price decreased to $861,611, or $257 per square foot, as many sellers withheld properties from the market. Only 47 new listings came on the market during September, and 16 of them quickly went in escrow before month-end.
Entering October, the number of properties in escrow increased 11 percent over the prior month to 119, suggesting a good October ahead. The average asking price of those in escrow declined to $357,148, or $161 per square foot.
“Lender-owned and short sale properties represented more than half the September volume. Average selling prices last month rose barely one percent over August levels and discounts off original listing prices dropped to ten percent,” Kalman said, “and more than one fourth sold for more than their asking prices. Most homes re-priced up were foreclosures and, he estimated, they probably had multiple offers.”
Of transactions neither lender-owned nor a short sale, the average selling price of $462,629, or $194 per average square foot, was 11 percent above the gross Fallbrook/Bonsall average, he noted.
High-end properties still make up one fourth of the local market, and this segment continued to remain quiet as one went into escrow and two sold. At the other end of the spectrum, three condos sold and 14 were in escrow entering October. The active inventory of condos was at 12, five in Bonsall and seven in Fallbrook, with an average asking price of nearly $300,000.
Comparing Fallbrook and Bonsall with nearby North San Diego County communities, Kalman said homes that closed escrow here on a price per square foot basis at $175 per average square foot were equal to Vista and above Escondido at $161; but remained lower than the $265 in Carlsbad, $193 in Oceanside and $191 in San Marcos.
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for Sept. 1 through Sept. 30, 2009, which represents properties listed or sold by various brokers. He uses the information to analyze the market and provide personal insight into real estate dynamics and trends as a community service.
Jerry Kalman is a licensed realtor (Calif. DRE #: 01328697) in the Fallbrook office of RE/MAX United, 1667 Mission Rd., Fallbrook, CA 92028, and can be reached at (760) 468-4689 or by email at jerry@jerrykalman.com.

August Fallbrook/Bonsall Real Estate Report

AUGUST REAL ESTATE ACTIVITY REFLECTS COMING STABILITY
IN NORTH SAN DIEGO COUNTY, SAYS KALMAN

FALLBROOK, Calif., Sept. 8, 2009 --- "In August, first-time buyers, those looking to use FHA/VA loans and others taking advantage of federal tax credits due to expire this fall dominated the real estate market as the number of transactions nearly doubled over year-earlier volume in Fallbrook and Bonsall,” Jerry Kalman, Realtor® with RE/MAX United, reported today.
“These two prime North San Diego County communities recorded another bump upwards in average prices over a very strong July; however, when compared to August 2008, prices were off 12 percent, still a continued improvement over the first part of this year.”
Kalman said the inventory of available homes in Fallbrook and Bonsall declined to 265 active listings as conventional sellers continue to withhold properties from the market, depleting the available inventory to its lowest level over the past two years. The average price of properties on the market increased to $897,434, or $263 per square foot.
Entering September, the number of properties in escrow increased ten percent over the prior month to 107 and the average asking price of those off the market declined to $383,457, or $166 per square foot.
“Lender-owned and short sale properties represented half of the volume in August as average selling prices in August rose eight percent from July to $413,182, or $167 per average square foot. Discounts off original listing prices held at 16 percent,” Kalman said.
Of transactions neither lender-owned nor a short sale, the average selling price of $470,391, or $188 per average square foot, was 14 percent above the gross Fallbrook/Bonsall average, he noted.
High-end properties comprise slightly more than one fourth of the local market, and this segment showed some life as two homes went into escrow. At the other end of the spectrum, two condos sold and five went into escrow during August as the inventory dropped to 10, three in Bonsall and seven in Fallbrook.
Kalman noted strength evident throughout the region. Comparing Fallbrook and Bonsall with nearby North San Diego County communities, he said homes that closed escrow here on a price per square foot basis were slightly above Escondido at $165 and lower than $271 in Carlsbad, $205 in Oceanside, $184 in San Marcos and $176 in Vista.
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for Aug. 1 through Aug. 31, 2009, that represents properties listed or sold by various brokers. He uses the information to analyze the market and provide personal insight into real estate dynamics and trends as a community service.
Jerry Kalman is a licensed realtor (Calif. DRE #: 01328697) in the Fallbrook office of RE/MAX United, 1667 Mission Rd., Fallbrook, CA 92028, and can be reached at (760) 468-4689 or by email at jerry@jerrykalman.com.

JULY REAL ESTATE ACTIVITY SHOWS SURGE THROUGHOUT
NORTH SAN DIEGO COUNTY, SAYS KALMAN

FALLBROOK, Calif., Aug. 7, 2009 --- "Improving economic conditions rippled into local real estate as July transactions more than doubled over year-earlier volume in two prime North San Diego County communities,” Jerry Kalman, Realtor® with RE/MAX United, reported today.
“The 77 July transactions in Bonsall and Fallbrook also reflected price increases over a strong June; however, when compared to July 2008, prices declined 20 percent, an improvement after several months with sharper year-over-year drops.”
Kalman said that the overall inventory of available homes in Fallbrook and Bonsall declined to 299 active listings as conventional sellers continue to withhold new properties from the market. The average listing price of all properties on the market decreased slightly to $847,429, or $255 per square foot.
Entering August, the number of properties in escrow dropped sharply to 97, however, the average asking price of those off the market rose again to $392,210, or $165 per square foot.
“Finally, distressed properties lost dominance as lender-owned and short sale properties, slipped below 50 percent of recorded volume in July,” Kalman said. “More than one fourth of those that closed escrow sold above their original asking price, indicating possible multiple offers. July average prices rose to $382,708, or $165 per average square foot. Discounts off original listing prices declined slightly to 16 percent.”
Of transactions neither lender-owned nor a short sale, the average selling price of $462,172, or $186 per average square foot, was 21 percent above the gross Fallbrook/Bonsall average, he noted.
High-end properties continue to comprise one fourth of the local market. This segment remained quiet as only one home sold for more than $1 million, and none went into escrow. At the other end of the spectrum, three condos in Bonsall and three in Fallbrook sold. Entering August, six condos were in escrow, five of them in Bonsall. The condo inventory rose to 19, eight in Bonsall and 11 in Fallbrook.
Kalman noted strength evident throughout the region. Comparing Fallbrook and Bonsall with neighboring North San Diego County communities, he said homes that closed escrow here on a price per square foot basis were comparable to Escondido at $165 and lower than the $266 in Carlsbad, $193 in San Marcos, $184 in Oceanside and $173 in Vista.
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for July 1 through July 31, 2009, that represents properties listed or sold by various brokers. He uses the information to analyze the market and provide personal insight into real estate dynamics and trends as a community service. Jerry Kalman is a licensed realtor (Calif. DRE #: 01328697) in the Fallbrook office of RE/MAX United, 1667 Mission Rd., Fallbrook, CA 92028, and can be reached at (760) 468-4689 or by email at jerry@jerrykalman.com.

PRICE PRESSURES PREVAIL IN FALLBROOK/BONSALL
REAL ESTATE DURING APRIL, SAYS KALMAN

FALLBROOK, Calif., May 6, 2009 --- "Rates of acceleration in real estate activity slowed slightly during April as volume increases offset price depreciation in Fallbrook and Bonsall,” Jerry Kalman, a Realtor® with RE/MAX United, reported today.
“As was the case for several months, foreclosed properties dominated home sales, representing more than half of April’s sales volume,” the local area specialist said. “Overall, two thirds of the properties that sold in these prime North San Diego County communities were either owned by lenders or were short sales; and several sold for more than the original asking price, which indicated possible multiple offers for those steeply discounted by lenders to flush them from their inventories.”
Kalman said: “Homes here sold at overall average prices of $321,597, or $158 per average square foot, which represented decreases over March levels and 16 percent discounts off original listing prices.”
Of transactions neither lender-owned nor a short sale, the average selling price of $372,142, or $220 per average square foot, was 16 percent above the gross Fallbrook/Bonsall average.
“Looking forward, 114 properties were in escrow on May 1 with an average asking price of $348,168, or $160 per square foot, suggesting continued downward price pressure in the coming months,” Kalman added. “We had 62 properties enter escrow in April, which suggests a good May and June locally.”
Again he reported no activity in high end properties, which distorts prices down. At the other end of the market, four condos in Bonsall and three in Fallbrook sold. Entering May, seven condos were in escrow, and 14 remained on the market, signaling a welcome inventory reduction in attached properties.
The overall inventory of available homes dropped to 380 listings as the spring selling season accelerated, bringing the average listing price of all properties on the market up to $796,154, or $247 per average square foot. The average market time for active listings rose to four and a half months.
Kalman said average prices were mixed throughout the region. “Comparing Fallbrook and Bonsall with neighboring North San Diego County communities, homes that closed escrow here on a price per square foot basis remained lower than $268 in Carlsbad, $185 in San Marcos, $176 in Oceanside and $160 in Vista; but better than the recorded in $148 in Escondido.”
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for Apr. 1 through Apr. 30, 2009, and represents properties listed or sold by various brokers. He uses the information to analyze the market and provide personal insight into real estate dynamics and trends as a community service.
Jerry Kalman is a licensed realtor (Calif. DRE #: 01328697) in the Fallbrook office of RE/MAX United, 1667 Mission Rd., Fallbrook, CA 92028, and he can be reached at (760) 468-4689 or by email at jerry@jerrykalman.com.

Investor Special

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Jerry Kalman