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.