.comment-link {margin-left:.6em;} Blogarama - The Blog Directory

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.

Monday, July 06, 2020

Pandemic Continues to Roil Fallbrook and Bonsall Real Estate Market



Inventory Depleted, Keeping Pressure on Prices






Charts and data provided by CRMLS and 10K InfoSparks

FALLBROOK, Calif., July 6, 2020 --- The housing inventory in Fallbrook and Bonsall dropped to unsustainable levels in June, Jerry Kalman, a realtor® here with HomeSmart Legends, said today.
According to Kalman, the active inventory dropped to 123 properties, 101 of them in the larger community of Fallbrook, as a flood of properties came off the market and entered escrow while a lesser number were listed.  The average time on the market for those available properties was just below three months and the average listing price was above $980,000.
Entering July, 137 homes were in escrow, a 43 percent increase over May and in keeping with seasonal levels for this time of year.  In June 104 homes came off the market, increasing the velocity of homes depleting the inventory.  The average market time for those listed as pending rose to 46 days.
June 2020 selling prices at $652,000 were nine percent below last month and three percent better than relatively strong June 2019 levels, he said.  Completed transactions rose significantly to 72 units, which was 22 percent better than May but a 20 percent dip over the much stronger June of 2019.
 Half of the homes sold at prices equal to or greater than original listing prices, he reported.  And another 50 percent of those transactions were under FHA/VA contracts.  In June, cash transactions dribbled in at a paltry five percent of the deals as investors seemed to retreat to the sidelines.
At the high end, five homes priced over one million dollars closed escrow in June after 45 days on the market.  All of them were in Fallbrook.  Eleven homes priced over a million dollars are in escrow after an average of three months on the market.  Once again, less than 50 of these properties are in the active inventory and the average market time dipped to three and a half months. 
Only two condos sold in June, both in Fallbrook, and they averaged three months on the market.  He said that another five attached properties are in escrow.  Seven condos were in the active inventory at the end of June, four in Fallbrook, and their time on the market was three months.

 “Average price per square foot helps realtors value homes in diverse real estate markets like Fallbrook and Bonsall,” he said.  “At an average of $276 per square foot in June, sold properties in the local market declined 16 percent from May’s $331 per square-foot.” 
In Bonsall, the average came back to earth last month, recording a 20 percent drop to a more realistic $272 per square foot.  Fallbrook was flat at $279 per square foot, while the county-wide San Diego average rose three percent to $419 per square foot.

Year-to-Date Metrics Exceed 2019

Comparing the first six months of 2020 with the prior year, he said that despite the pandemic, volume in the first half of 2020 was five percent better.  The market time for properties also came out better by a full week as it took 51 days on average for homes to go into escrow and become sold properties.  Importantly, the selling price for homes was ten percent better this year at $674,000 versus $612,000 in 2019.
Kalman´s data for the reporting periods ending June 30, 2020, and reported by July 5, 2020, came 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 licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jlkalman@gmail.com.
HomeSmart, founded in 2000, now has more than 18,000 agents and broker associates in almost 30 of the states in the US.  HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA  92590.

-0-

Labels: , , , , , , , , , , , ,

Friday, June 05, 2020

FALLBROOK AND BONSALL REAL ESTATE MARKET APPEARS TO BOTTOM OUT IN APRIL/MAY

June Outlook Better than Expected, but Still Lower Than Normal






FALLBROOK, Calif., June 5, 2020 --- Real estate prices in Fallbrook and Bonsall remained stronger than expected despite the anticipated downturn in sales activity, Jerry Kalman, a realtor® here with HomeSmart Legends, said today.
May 2020 selling prices at $687,000 were one percent below last month but 12 percent better than May 2019 levels, he said.  Completed transactions at 55 units were 19 percent below both April 2020 and May of 2019.
 Almost 38 percent of the homes sold at prices equal to or greater than original listing prices, he reported.  Many of those transactions were under VA contracts.  Cash transactions ticked up to 20 percent of the deals in May as investors seemed to think the market here has bottomed out.
Entering June, he said 96 homes were in escrow, below seasonal levels for this time of year but an increase over last month when only 85 were in escrow. The average market time for those listed as pending dipped dramatically to 38 days, indicating a possible resumption of a more active market heading into the summer months.  Furthermore, in May, the escrow rate rose 40 percent to 69 homes coming off the market, which also augured well for June results. 
These escrow starts further depleted an already thin inventory setting up further evidence of a sellers’ market as economic conditions improve even with no clear indication the pandemic is behind us, he said.
According to Kalman, the active inventory dropped to 145 units as many other listings either expired, were canceled or were withdrawn by sellers and/or their agents.  This diminishing inventory indicated buyer and seller hesitations to be exposed to possible virus infections. 
Overall, Bonsall accounted for 22 available properties while the larger community of Fallbrook had less than 125 single family homes on the market.  The average asking price for all homes in that active inventory was $924,000, which is almost back to the average for March 2020.
At the high end, six homes priced over one million dollars closed escrow in May after almost four months on the market.  Four of them were in Fallbrook.  Nine homes priced over a million dollars are in escrow after an average of almost three months on the market.  Once again, less than 50 of these properties are in the active inventory with an average market time approaching four months.  Bonsall accounted for 14 high-end properties in that inventory.
Only three condos sold in May, two in Fallbrook, and they averaged more than two months on the market.  He said that ten attached properties are in escrow, six in Fallbrook.  Three condos were in the active inventory at the end of May.  Their average time on the market was 39 days.
VA/FHA transactions rose to 38 percent of the transactions, and most were VAs.  Cash deals were 20 percent of sales as investors seemed to sense the market might have reached a floor in May.

 “Average price per square foot helps realtors value homes in diverse real estate markets like Fallbrook and Bonsall,” he said.  “At an average of $310 per square foot in May, sold properties in the local market were up ten percent from April’s $282 per square-foot.  In Bonsall, the average soared to $341 per square foot and six out of seven were above the two-community average.  Two mega-deals in this smaller rural community accounted for the sharp rise in this metric.”
Fallbrook rose slightly to $278 per square foot, while the county-wide San Diego average dipped from $407 to $405 per square foot.
Kalman´s data for the reporting periods ending May 31, 2020, and reported by June 4, 2020, came 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 licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jlkalman@gmail.com.
HomeSmart, founded in 2000, now has more than 18,000 agents and broker associates in almost 30 of the states in the US.  HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA  92590.

Charts and data provided by CRMLS and 10K InfoSparks

-0-

Labels: , , , , , , , , , , , ,

Sunday, May 17, 2020

LOCAL REAL ESTATE CONTINUES TO SLOW DOWN IN PANDEMIC

Prices Remain Firm Despite Diminished Activity
FALLBROOK, Calif., May 17, 2020 --- At the middle of May, real estate activity in Fallbrook and Bonsall continued to slow and even with reduced inventory prices are tending to remain firm, Jerry Kalman, a realtor® here with HomeSmart Legends, reported today.
“As the number of buyers and sellers diminish apace, it’s easy to see the market finding a new form of equilibrium,” he said assessing mid-May results from the local multiple listing service. “As of today, the average selling price at $718,000 is up two percent over April 15, 2020. The average time on the market at 64 days for homes that sold is about 20 days over this time last month, another indication of a slowdown.”
Of the 21 homes here that closed escrow in the first half of May 30, percent are VA/FHA transactions and five deals were done for cash. He expected the proportion of cash transactions to increase and with them downward price pressures.
About 40 percent of those that sold in these two weeks were for the listing price or at a modest premium. Kalman said none of the remainder of those that sold thus far show signs of being excessively discounted.
He indicated that new escrows in the first half of May are up to 38 properties from 27 at mid-April. At this point, there are 105 properties in escrow, approximately the same number at this time of year under normal circumstances, however, the average listing price was $724,000.
While low mortgage rates in the mid-three-percent range support the market, tight lending criteria are beginning to reduce the number of buyers qualified to get these lower rates.
The active inventory held at 170 units, primarily a reflection of the slowdown in escrows. Thus far 37 new listings have occurred in the month, up a third from this time in April.
Kalman´s data for the reporting periods ending May 15, 2020, and reported by May 17, 2020, came 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 licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jlkalman@gmail.com.
HomeSmart, founded in 2000, has almost 17,000 agents and broker associates in 172 offices in 27 states. HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA 92590.

Labels: , , , , , , , , ,

Tuesday, May 05, 2020

PANDEMIC DENTS, DOESN’T BREAK FALLBROOK/BONSALL REAL ESTATE


PANDEMIC DENTS BUT DOESN’T BREAK
FALLBROOK AND BONSALL REAL ESTATE MARKET

Local Market Exhibits Underlying Health


FALLBROOK, Calif., May 5, 2020 --- While April was a difficult month for many, local real estate exhibited surprisingly healthy signs as prices were up amid a slowdown in sales, Jerry Kalman, a realtor® here with HomeSmart Legends, said today.
April 2020 selling prices at $693,000 were 11 percent above last month and 17 percent better than year-ago levels, he said.  Completed transactions at 66 units were 18 percent below March and four percent less than April of 2019.
 More than 40 percent of the homes sold at prices equal to or greater than original listing prices, he reported.  Nearly half of those transactions were under FHA/VA contracts. 
Entering May, he said only 85 homes were in escrow, dipping well below seasonal levels for this time of year.  The average market time for those listed as pending hovered at 52 days.  In April, the escrow rate dipped to 48 homes coming off the market.
Kalman said the active inventory remained below 180 as many listings either expired, were canceled or were withdrawn by sellers and/or their agents.  This diminishing inventory indicated buyer and seller hesitations to be exposed to possible virus infections, but it also contributed to the temporary sellers’ market by pushing up trending prices. 
Overall, Bonsall accounted for 23 available properties while the larger community of Fallbrook had less than 150 single family homes on the market.  The average asking price for all homes in that active inventory at $876,000 was $100,000 lower than the average for March 2020.
At the high end, seven homes priced over one million dollars closed escrow in April after an average of three months on the market.  Six of them were in Fallbrook.  Eight homes priced over a million dollars are in escrow after an average of more than four months on the market.  Less than 50 of these properties are in the active inventory with an average market time approaching four months.
Only three condos sold in April, two in Bonsall, and they averaged less than one month on the market.  He said that two attached properties are in escrow, all in Fallbrook.  Ten condos were in the active inventory at the end of April.  Their average time on the market was more than two months.
VA/FHA transactions rose to 35 percent of the transactions.  Cash deals were 12 percent of sales in April as investors further distanced themselves from the market because of price acceleration.

 “Average price per square foot helps realtors value homes in diverse real estate markets like Fallbrook and Bonsall,” he said.  “At an average of $282 per square foot in April, sold properties in the local market were down five percent from March’s $298 per square-foot.  In Bonsall, the average was down to $291 per square-foot, while Fallbrook dropped to $273 per square foot.”
The county-wide San Diego average dipped four percent to $402 per square foot.
Kalman´s data for the reporting periods ending April 30, 2020, and reported by May 5, 2020, came 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 licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jlkalman@gmail.com.
HomeSmart, founded in 2000, has almost 17,000 agents and broker associates in 172 offices in 27 states.  HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA  92590.

-0-

Charts and data provided by CRMLS and 10K InfoSparks



Labels: , , , , , , , , , , , ,

Thursday, April 16, 2020

LOCAL REAL ESTATE ACTIVITY SLOWING BUT NOT PRECIPITOUSLY



Low Mortgage Rates Help Prop up the Market

FALLBROOK, Calif., April 16, 2020 --- At mid-month, real estate activity in Fallbrook and Bonsall is slowing but there are no signs of panic as regional stay-at-home requirements take hold, Jerry Kalman, a realtor® here with HomeSmart Legends, reported today.
“The brakes are definitely on, but being pumped versus jammed on,” he said in reviewing interim results from the local multiple listing service.  “As of today, the average selling price at $705,000 is up 14 percent over March 2020.  The average time on the market at 45 days is roughly comparable for homes that sold.”
One third of the 32 homes that closed escrow here in the first half of April are VA/FHA transactions.  Only two deals were done for cash.  
About 40 percent of those that sold in these two weeks were for the listing price or at a modest premium.  Kalman said none of the remainder of those that sold thus far show signs of being excessively discounted.
 Homes recently going in escrow are also roughly comparable with those at the end of March.  He indicated that new escrows in the first half of April are down to 27 properties, three in Bonsall and the remainder in Fallbrook.  That foretells of future softness in the number properties closing and longer times for them to sell, which he said could put more downward pressure on prices.
Very low mortgage rates in the mid-three-percent range are helping buoy the market.
The active inventory is up to about 170 units, primarily a reflection of the slowdown in escrows.  Thus far, only 27 new listings have occurred in the month.
Kalman´s data for the reporting periods ending April 15, 2020, and reported by April 16, 2020, came 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 licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jlkalman@gmail.com.
HomeSmart, founded in 2000, has almost 17,000 agents and broker associates in 172 offices in 27 states.  HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA  92590.

-0-

Labels: , , , , , , , , , ,

Saturday, April 04, 2020

REAL ESTATE ACTIVITY IN FALLBROOK AND BONSALL REFLECT OVERALL UNCERTAINTY IN ECONOMY


Stay-at-Home Requirements Affecting Activity


FALLBROOK, Calif., April 4, 2020 --- Local real estate results reflected overall economic activity in response to the slowdown following the Coronavirus-19 problem as showings and new escrows dropped while deals in process surged forward in March, Jerry Kalman, a realtor® here with HomeSmart Legends, said today.
Preliminary March 2020 selling prices at $622,000 were 10 percent below last month and flat with year-ago levels, he said.  Completed transactions at 77 units were 64 percent more than February of 2019 and 17 percent better than last month, reflecting a sense of urgency on the part of lenders and escrow firms to complete transactions.
 More than a half of the homes sold at prices equal to or greater than original listing prices, he reported; and, almost half of those transactions were under FHA/VA contracts. 
Entering April, he said less than 100 homes were in escrow, dipping 20 percent from February levels.  The average market time for those listed as pending hovered at 51 days.  In March, the escrow rate dipped to less than 60 homes coming off the market.
Kalman said the active inventory dropped below 180 as many listings either expired, were canceled or were withdrawn by sellers or their agents.  This diminishing inventory indicated buyer and seller hesitations to be exposed to possible virus infections. 
Overall, Bonsall accounted for 21 available properties while the larger community of Fallbrook had less than 160 single family homes on the market.  The average asking price for all homes in that active inventory dipped below $1 million to approximately $970,000.
At the high end, six homes priced over one million dollars closed escrow in March after an average of three months on the market.  Five of them were in Fallbrook.  Fourteen homes priced over a million dollars are in escrow after an average of more than four months on the market.  Almost 50 of these properties are in the active inventory with an average market time approaching four months.
Seven condos sold in March, four in Bonsall and overall they stood on the market more than two months.  He said that five attached properties are in escrow, three in Fallbrook.  Nine condos were in the active inventory at the end of March.  Their average time on the market was 51 days.
VA/FHA transactions rose to 35 percent of the transactions.  Cash deals dropped to ten percent of sales in March as investors further distanced themselves from the market.


 “Average price per square foot helps realtors value homes in diverse real estate markets like Fallbrook and Bonsall,” he said.  “At an average of $300 per square foot in March, sold properties in the local market were up nine percent from February’s $274 per square-foot.  In Bonsall, the average was up to $306 per square-foot, while Fallbrook was up to $294 per square foot.”
The county-wide San Diego average was also up one percent, touching $422 per square foot.
Kalman´s data for the reporting periods ending March 31, 2020, and reported by April 3, 2020, came 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 licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jlkalman@gmail.com.
HomeSmart, founded in 2000, has almost 17,000 agents and broker associates in 172 offices in 27 states.  HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA  92590. 
-0-
 Charts and data provided by CRMLS and 10K InfoSparks


Labels: , , , , , , , , ,

Thursday, March 05, 2020

REAL ESTATE ACTIVITY IN FALLBROOK AND BONSALL SHOWS CONTINUED STRENGTH AS A SURGE OF SALES AT THE HIGH END DRIVES PRICES HIGHER


REAL ESTATE ACTIVITY IN FALLBROOK AND BONSALL SHOWS CONTINUED STRENGTH AS A SURGE OF SALES AT THE HIGH END DRIVES PRICES HIGHER

Properties Entering Escrow Appear to Signal Sea-state Changes








FALLBROOK, Calif., March 5, 2020 --- Real estate activity in Fallbrook and Bonsall maintained its upward momentum in February as high-end homes continued to pace sales in both communities, Jerry Kalman, a realtor® here with HomeSmart Legends, said today.
Average February 2020 selling prices were 18 percent above over year-ago levels to $695,000, which was also four percent higher than a robust January, he said.  Completed transactions at 65 units were slightly more than in February of 2019 and just a few units better than last month.
Entering March, he said almost 130 homes were in escrow.  The average market time for those listed as pending continued to drop, hovering at 50 days.  In February, however, the escrow rate slowed dramatically to less than 40 homes coming off the market and the average market time of those properties was also seriously low at eight days as many apparently came off the market before being listed.
Kalman said the active inventory remained below 200 homes as homes going into escrow kept pace with new listings marking the start of the 2020 selling season.  Overall, Bonsall accounted for 23 available properties while the larger community of Fallbrook had less than 170 single family homes on the market.  The average asking price for all homes in that active inventory remained slightly above $1 million.
At the high end, ten homes priced over one million dollars closed escrow in February after an average of just under three months on the market.  Seven of them were in Fallbrook.  Ten homes priced over a million dollars are in escrow after an average of more than three months on the market.  More than 50 of these properties are in the active inventory with an average market time of more than four months.
Five condos sold in February, two in Bonsall.  He said that six attached properties are in escrow, four in Fallbrook.  Eight condos were in the active inventory at the end of February, and their average time on the market was 35 days.
VA/FHA transactions dipped below 25 percent of the transactions.  Cash deals were 13 percent of sales in February. 
More than a third of the homes sold at prices equal to or greater than original listing prices, he reported; many were under FHA/VA contracts. 



 “Average price per square foot helps realtors value homes in diverse real estate markets like Fallbrook and Bonsall,” he said.  “At an average of $274 per square foot in February, sold properties in the local market were slightly down from January’s $278 per square-foot.  In Bonsall, the average was the same at $272 per square-foot, while Fallbrook had a three percent drop to $275 per square foot.”
The county-wide San Diego average was up to $417 per square foot.
New construction in the two communities was starting to again become significant as ten of these properties were among the active listings, 12 more were in escrow and four of them closed in February.  Most of these properties are in the several developments flanking Interstate 15 on the east side of Fallbrook.
Kalman´s data for the reporting periods ending February 29, 2020, and reported by March 4, 2020, came 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 licensed realtor (Calif. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jlkalman@gmail.com.
HomeSmart, founded in 2000, has almost 17,000 agents and broker associates in 172 offices in 27 states.  HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA  92590.

Charts and data provided by CRMLS and 10K InfoSparks


-0-

Labels: , , , , , , ,