July Real Estate Market Report for North San Diego County

NORTH SAN DIEGO COUNTY REAL ESTATE
IMPROVES IN JUNE AFTER SLOW MAY, SAYS KALMAN

FALLBROOK, Calif., July 6, 2009 --- "Significant volume increases amid continued downward price pressures occurred in North San Diego County’s real estate market during June,” Jerry Kalman, Realtor® with RE/MAX United, reported today.
Last month a 40 percent volume increase over June 2008 partially offset a 30 percent year-to-year price drop in Bonsall and Fallbrook. Compared to May 2009, prices jumped 15 percent along with a 24 percent increase in volume. He attributed the monthly spike in June to a reduction in mortgage interest rates from short term peaks in May.
Kalman said that the overall inventory of available homes in Fallbrook and Bonsall continued to decline, dropping to 317 active listings, and the average listing price of all properties on the market increased slightly to $855,637, or $255 per square foot.
Entering July, the number of properties in escrow rose to 137, carrying an average asking price of $374,424, or $166 per square foot, both modest increases over May.
“Last month distressed properties once again accounted for a higher percentage of activity than other transactions,” Kalman said, “as 65 percent of the selling properties in these prime North San Diego County communities were either lender-owned or short sales. Nearly 20 percent of those that sold closed escrow above the original asking price, indicating possible multiple offers. Overall in June, homes sold at average prices of $329,144, or $161 per average square foot. Discounts off original listing prices soared to 19 percent.”
Of transactions neither lender-owned nor a short sale, the average selling price of $537,496, or $188 per average square foot, was 42 percent above the gross Fallbrook/Bonsall average and nearly 50 percent higher than homes in this category in May, a very positive sign, he noted.
High-end properties comprise one fourth of the local market. This segment remained quiet as only one home sold for more than $1 million, and one went into escrow. Two condos in Bonsall and one in Fallbrook sold. Entering July, ten condos were in escrow while 16 remained on the market, six in Bonsall and 10 in Fallbrook.
Kalman said prices leveled off 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 remained lower than the $260 in Carlsbad, $201 in Oceanside, $187 in San Marcos and $168 in Vista, but slightly better than $156 in Escondido.
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for June 1 through June 30, 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.

MAY REAL ESTATE NEWS ABOUT FALLBROOK/BONSALL

HOPEFUL PRICE FIRMING TREND SEEN
IN FALLBROOK/BONSALL REAL ESTATE, SAYS KALMAN

FALLBROOK, Calif., June 8, 2009 --- "Despite reduced volume of closed escrows during May, several indicators point toward stabilization of prices and, eventually, an increase in activity in a North San Diego County real estate market,” Jerry Kalman, Realtor® with RE/MAX United, reported today.
He noted that the overall inventory of available homes in Fallbrook and Bonsall dropped to 329 listings, 100 less than the peak in late 2008; and the average listing price of all properties on the market increased to $839,406, or $256 per square foot. Kalman attributed part of the inventory decline to a modification in multiple listing service categories when it added a “contingent” designation that diluted the number of properties, primarily short sales, formerly designated as pending and/or active.
Entering June, the number of properties in escrow increased to 120, carrying an average asking price of $366,367, or $162 per square foot, modest increases over April.
“On a year-to-year comparison, prices and volumes declined from May 2008 levels. Last month distressed properties once again accounted for a higher percentage of activity than other transactions,” Kalman said, “with two thirds of the properties that sold in these prime North San Diego County communities lender-owned or short sales. Typically, a handful of those sold above the original asking price, indicating possible multiple offers. In May, homes sold at overall average prices of $329,144, or $161 per average square foot, and discounts off original listing prices declined to 11 percent.”
Of transactions neither lender-owned nor a short sale, the average selling price of $377,380, or $175 per average square foot, was 15 percent above the gross Fallbrook/Bonsall average.
Once again the market for high-end properties slumbered while at the opposite end activity remained strong, further distorting average prices down. One condo in Bonsall sold. Entering June, seven condos were escrow while 18 remained on the market, seven in Bonsall and 11 in Fallbrook.
Kalman said price stability appeared 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 the $262 in Carlsbad, $183 in Oceanside, $181 in San Marcos and $169 in Vista; but better than $154 in Escondido.”
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for May 1 through May 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 or tweet: http://twitter.com/jerryinbonsall

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.

MARCH REAL ESTATE CONTINUES REBOUND

For Immediate Release For More Information, Contact: Jerry Kalman
(760) 468-4689
jerry@jerrykalman.com

FALLBROOK/BONSALL REAL ESTATE ACTIVITY STRENGTHENS IN MARCH, SAYS KALMAN

FALLBROOK, Calif., Apr. 7, 2009 --- "Robust real estate activity in March continued as year-over-year activity in Fallbrook and Bonsall more than doubled,” Jerry Kalman, a Realtor® with RE/MAX United, reported today. “Foreclosed properties dominated these transactions, accounting for more than half of the sales closing in the period.”
The local area specialist noted that 75 percent of the properties selling here were either owned by lenders or were short sales. Several transactions sold for more than the original asking price, indicating possible multiple offers for those steeply discounted to “bargain-basement prices”.
Kalman said: “In these prime North San Diego County communities, homes sold at overall average prices of $341,609, or $161 per average square foot. These modest increases over Feb. 2009 represented sharp contrasts to March 2008 when 22 properties closed escrow at an average selling price of $391,513, 13 percent higher than this year.”
Of transactions not lender-owned or short sales, Kalman noted that the average selling price of $397,354, or $189 per average square foot, represented a 16 percent increase above the gross Fallbrook/Bonsall average. These two important benchmarks also showed increases over normal transactions in February, too.
“Entering April, 102 properties were in escrow with an average asking price of $329,650, or $162 per square foot, suggesting continued downward price pressure in the coming months. More than half of those escrows occurred in March,” Kalman added.
Only one million-dollar home sold in March, a foreclosed property in a gated community here; and none were in escrow. Reflecting strong activity at the other end of the market, four condos in Bonsall and another two in Fallbrook sold. At April 1, ten condos were in escrow, while 16 remained on the market in both communities.
He reported that the inventory of available homes increased to 400 listings as the spring selling season accelerated, bringing the average listing price of all properties on the market up to $766,552, or $245 per average square foot. The average market time for active listings held at over four months.
Comparing Fallbrook and Bonsall with neighboring North San Diego County communities, Kalman said prices and volume showed improvement throughout the region. “Homes that closed escrow here on a price per square foot basis remained lower than $272 in Carlsbad, $177 in San Marcos and $172 in Oceanside; but better than $159 in Vista and $150 in Escondido.”
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for Mar. 1 through Mar. 31, 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.

March 2009 Real Estate News

FALLBROOK/BONSALL REAL ESTATE CONTINUES UPWWARD TREND
IN VOLUME AS “BUYING/SELLING SEASON” BEGINS, SAYS KALMAN

FALLBROOK, Calif., Mar. 5, 2009 --- "February sales activity and new escrow originations increased in two prime North San Diego County communities,” Jerry Kalman, a Realtor® with RE/MAX United, reported today. “However, with the new loan modification program announced this week, activity could enter ‘suspended animation’ as many potential sellers sit on the sidelines while they determine eligibility for government supported loan modifications.”
Kalman said properties owned by lenders and those subject to lender approval still represent 74 percent of current activity, which depresses prices throughout the region.
“In February, 35 transactions here closed escrow with a precipitous drop in average selling price down to $319,572. The average price per square foot declined to $157,” Kalman said. “In February 2008, 25 properties closed escrow with an average selling price of $488,059, 35 percent higher than the recent period.”
Kalman said that of the transactions not lender-owned or short sales, the average selling price was $358,426, or $179 per average square foot. These more traditional transactions closed with prices 12 percent higher than the average.
“Entering March, 95 properties were in escrow with an average asking price of $347,375, or $165 per square foot. More than half of them entered escrow in February, fueled again by bargain hunters snapping up lender-owned properties,” Kalman added.
Not one million-dollar home sold in February, but one that carried a notice of default entered escrow, he said. Estate-grade properties now represent barely 20 percent of the available inventory. At the other end of the pricing spectrum, condo activity increased as five sold in February, only one not owned or under lender influence. At month-end 13 were in escrow, leaving 14 condos on the market in both communities.
He noted that the inventory of available homes decreased to 381 listings by March 1, and another decrease might be imminent. The average listing price of properties on the market increased to $749,980, or $247 per average square foot, 36 percent higher than the price per square foot of those that closed escrow.
Comparing Fallbrook and Bonsall with neighboring North San Diego County communities, Kalman said price direction elsewhere in the region was mixed. “Homes that closed escrow here at an average of $157 price per square foot remained lower than $264 in Carlsbad; $176 in San Marcos and $169 in Oceanside; but slightly better than $153 in Vista and Escondido. Other than Carlsbad, all represented declines.”
Kalman uses data from Sandicor, Inc., the multiple listing service for realtors in San Diego County, for Feb. 1 through Feb. 28, 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