March 2008 Real Estate News

FALLBROOK AND BONSALL REAL ESTATE ACTIVITY HEAVILY AFFECTED BY MORTGAGE ISSUES IN FEBRUARY, SAYS KALMAN

FALLBROOK, Calif., Mar 5, 2008 --- Fallbrook/Bonsall real estate activity was mixed in February as an increase in sales volume was offset by prices pushed lower in transactions that reflected mortgage problems, Jerry Kalman, RE/MAX United, reported today.
"In February, 24 homes in these North San Diego County communities closed escrow, two more than January,” he said. “The average selling price of $490,647 showed a 15 percent drop from January. Nearly 60 percent of the homes that sold were lender owned or in pre-foreclosure; and average discounts from original asking prices hovered around 17 percent, a reflection of aggressive pricing to move inventory.”
Kalman noted bargain prices, low mortgage rates, pent-up demand and builder promotions for two developments in the area increased traffic during February. Entering March, 58 properties were in escrow, the third straight monthly increase. He added that more than one third of the properties in escrow were lender-owned or in pre-foreclosure; and that another 20 percent were new homes in builders’ inventory.
In the million-dollar-plus category, one home sold in February and one was placed in escrow. Actively marketed single family residences in this price range represented less than one fourth of the available inventory. Average days on the market for high-end homes in February rose slightly to 171 days.
Two condos closed escrow in February with an average selling price of $317,500, or $224 per square foot. Kalman said another two condos went into escrow in the month and 33 are on the market here. The current average asking price of condos remained steady at $265,466, or $217 per average square foot.
The overall inventory of listed single family residences entering March increased to 450 properties, fueled in part by a major builder bringing inventory on the market. During the month, 111 new listings came on the market with an average asking price of $755,625, or $275 per average square foot. The average asking price of all homes on the market in Fallbrook and Bonsall increased to $844,214.
“On an average selling price per square foot basis, homes that closed escrow in February here held at $227, less than $291 in Carlsbad and $229 in Oceanside; but higher than $224 in Vista, $211 in Escondido and $208 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 Feb., 1, 2008, through Feb. 29, 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 Fallbrook office of RE/MAX United, 1667 Mission Rd., Fallbrook, CA 92028, and can be reached at (760) 468-4689 and by email at jerry@jerrykalman.com.