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.