FALLBROOK/BONSALL REAL ESTATE PRICES SCORE IMPRESSIVE GAINS, DRIVEN LARGELY BY DEPLETED INVENTORY IN AUGUST
Premium Pricing in all Segments Dominates
FALLBROOK/BONSALL, Calif., September 7, 2023 --- In August, Fallbrook and Bonsall real estate prices showed impressive gains, driven in large part by painfully meager inventory levels, Jerry Kalman, a realtor® with HomeSmart Realty West, said today.
Average August sales at $1,067,000 were 13
percent higher than the $942,000 in July and 23 percent above the $840,000
recorded in August, 2022. Half of all the
homes that sold here in every price range and style closed at or above the
original listing price.
He said that almost 50 percent of the
sold properties came in above $1 million; and, of the 27 that sold above one
million, 12 closed at or above their original listing price.
Those million-plus homes that sold here
averaged 31 days on the market. Another 16
top-tier homes were in escrow.
Average market time for those selling in
all market segments here was 26 days. In
July, 2023, the average market time was 26 days; in August 2022, market time was
at 24 days.
Kalman said the active inventory dropped
down to 97 properties on the market entering September. Almost two thirds of that current inventory
is priced over a million dollars. He
said that a paltry 34 properties were listed in August.
Time on the market for those in the
active inventory rose slightly to 71 days, another indication of the market
slowing.
In August, 41 properties entered escrow,
bringing the total to 58 homes awaiting close.
The average asking price for all those in escrow was up over 100 percent
to $2,194,000!
Four condos sold in August, three in
Fallbrook. Another nine condos, four in Bonsall,
are in escrow after 15 days on the market. Seven attached properties, six in Fallbrook,
are in the active inventory as of August 31, 2023.
He said that the two-community average price-per-square-foot for million-dollar-plus homes selling here in August dropped four percent to $406.
In August of 2022, the two-community
price-per-square-foot was $386. In that
period, Fallbrook recorded $416 per-square-foot and Bonsall was $355, which was
a severe drop for then.
The San Diego County metric in August rose
$14 to $646 per-square-foot, and was $53 higher than the $593 recorded in August,
2022.
Data for reporting periods ending August
31, 2023, and sourced through September 6, 2023, is from CRMLS, a regional multiple
listing service for area 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 Fallbrook/Bonsall-focused
realtor (Calif. DRE # 01328697) with HomeSmart Realty West (DRE # 01905908). He can be reached at (760) 468-4689 (voice or
text) or jerrylkalman@gmail.com.
Nationwide, HomeSmart now has more than 25,000
agents and broker associates in 49 states.
HomeSmart Realty West, with 800 of those agents operating out of four
southern California offices, is headquartered at 300 Carlsbad Village Drive,
Carlsbad, CA 92008.
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Charts and data courtesy of CRMLS and InfoSparks
Labels: Bonsall, Condo, Fallbrook, HomeSmart, Jerry Kalman, market news, North San Diego County, real estate, real estate news, Realtor