INVENTORY SHORTAGE NOT ENOUGH TO OFFSET OTHER DECLINES IN FALLBROOK AND BONSALL REAL ESTATE METRICS

 Inventory Adjusting Upward

 

 

FALLBROOK/BONSALL, Calif., April 10, 2023 --- March real estate prices in Fallbrook and Bonsall dropped ten percent from a surprisingly strong February, Jerry Kalman, a realtor® with HomeSmart Realty West, said today.

Average March sales at $844,000 were also 13 percent lower than a robust $972,000 recorded in March of last year.

In March, 2023, there was an increase in the number of transactions, rising to 63 sold properties versus 49 in February.  In March last year, which was a particularly strong month, the local market recorded 90 properties selling, Kalman noted.

Forty-one percent of the homes that sold closed at or above the original listing price, a nice rise over February.  That metric was spread throughout the selling population.

Average market time for all those selling here dropped to 37 days versus 47 in the prior month.  In March of last year, the average market time was 22 days!

The active inventory rose in March, reaching 85 units.  Thirty-nine new properties came on the market last month; and, the average asking price for available homes rose almost one million dollars to $2,434,000.  Kalman noted that a couple of high-end properties in Bonsall came on the market dramatically tilting average inventory prices up.

Time on the market for those in the active inventory was steady at 68 days.

In March, 43 properties entered escrow, bringing the total up to 76 homes awaiting close.  The average asking price for all those in escrow rose to $908,000.

Five condos sold in March, four in Bonsall.  Another seven condos, five in Fallbrook, are in escrow after 20 days on the market.  Three attached properties, all in Fallbrook, are in the active inventory as of April 1, 2023, and they are averaging 37 days on the market.

Looking at high-end homes, 15 properties priced above a million dollars sold in March.  Those million-plus homes that sold averaged 45 days on the market.  Seventeen top-tier homes were in escrow and another 45 above the million-dollar-price-point are active.

The two-community average price-per-square-foot for million-dollar-plus homes that sold here was $388, $20 lower than in February.  

The average selling price-per-square-foot for all homes that sold here was $412 versus $431 per-square-foot in February.  Fallbrook dipped $1 to $390 per-square-foot, and Bonsall dropped $38 to $433 per-square-foot.  

In April of 2022, when this metric showed a peak, the two-community price-per-square-foot was $439.  Fallbrook recorded $407 per-square-foot and Bonsall was $470.

San Diego County, at $597 per-square-foot, was six percent higher than the $564 recorded in February, and five percent less than the $628 recorded in March of 2022.

Data for reporting periods ending March 31, 2023, and sourced through April 6, 2023, is from CRMLS, a regional multiple listing service for area realtors.  This report represents properties listed or sold by various brokers in the region.  He uses this information as a community service to analyze market trends and provide professional insight into real estate activity. 

Kalman is a Fallbrook/Bonsall-focused realtor (Calif. DRE # 01328697) with HomeSmart Realty West (DRE # 01905908).  He can be reached at (760) 468-4689 (voice or text) or jerrylkalman@gmail.com.

Nationwide, HomeSmart now has more than 25,000 agents and broker associates in 49 states.  HomeSmart Realty West, with 800 of those agents operating out of four southern California offices, is headquartered at 300 Carlsbad Village Drive, Carlsbad, CA  92008.

-0-

Charts and data courtesy of CRMLS and InfoSparks