February 2008 Real Estate News

FALLBROOK AND BONSALL REAL ESTATE ACTIVITY
SHOWS MODEST IMPROVEMENT IN JANUARY, SAYS KALMAN

BONSALL, Calif., Feb. 7, 2008 --- Fallbrook/Bonsall real estate prices improved in January as sales volume and prices showed gains over December 2007 levels, Jerry Kalman, RE/MAX United, reported today.
"In January, 22 homes in these North San Diego County communities closed escrow, six less than January 2007 but 20 percent better than month-earlier levels,” he said. “The average selling price of $574,236 reflected a 36 percent gain over December. One fourth of the homes that sold were lender owned or in pre-foreclosure; and average discounts from original asking prices hovered around 20 percent, a reflection of aggressive pricing to move inventory.”
Kalman noted traffic increased in January for the second month in a row fueled by bargain prices, lower mortgage rates, dropping gasoline prices and pent-up demand, all of which encouraged buyers to return to the market. Entering February, 51 properties were in escrow, an increase over December levels. He added that nearly one third of the properties in escrow are lender-owned or in pre-foreclosure.
Four million-dollar-plus homes closed escrow in January, selling for $299 per average square foot. Two priced above $1 million were placed in escrow bringing the total high-end homes in escrow to four. Actively marketed single family residences in this price range held at one fourth of the available inventory. Average days on the market for high-end homes in January declined slightly to 161 days.
In January, two condos closed escrow with an average selling price of $231,950, or $154 per square foot. Kalman said two condos went into escrow in the month and 33 are on the market here. The current average asking price of condos dropped four percent to $263,484, or $233 per average square foot.
The overall inventory of listed single family residences entering February rose to 430 properties as agents and sellers brought many listings back on the market that expired in the final days of 2007. During the month, 117 new listings came on the market with an average asking price of $819,252, or $293 per average square foot. The average asking price of homes on the market showed a slight decline to approximately $828,758.
“On an average selling price per square foot basis, homes that closed escrow in January in this area increased to $227, less than $293 in Carlsbad, $242 in Oceanside and $236 in Vista; but higher than $217 in Escondido and $218 in San Marcos.”
Kalman uses data from Sandicor, Inc., the multiple listing service used by Realtors® and other real estate professionals in San Diego County, for Jan., 1, 2008, through Jan. 31, 2008, and represents properties listed or sold by various brokers. He uses it to analyze the market and provide personal insight into real estate dynamics and trends as a community service. Kalman is a Realtor® in the Bonsall office of RE/MAX United, 5519 Mission Rd., Bonsall, CA 92003, and can be reached at (760) 468-4689 and by email at jerry@jerrykalman.com.