High-end Properties Pace Price Increase in Fallbrook and Bonsall Real Estate

Inventory Remains Well Below Average

 

FALLBROOK/BONSALL, Calif., May 7, 2023 --- April real estate prices in Fallbrook and Bonsall rose, due in large part to an increase in sales among high-end homes here, Jerry Kalman, a realtor® with HomeSmart Realty West, said today.

Average April sales at $1,028,000 were 22 percent higher than the $844,000 last month and six percent better than the $972,000 recorded in April of last year.  He said that 41 percent of the sold properties came in above $1 million and more than a fourth of those that sold above one million closed at or above their original listing price.

Forty-three percent of all the homes that sold here in all price ranges and styles closed at or above the original listing price, a slight increase over both February and March. 

Kalman said that while there is some reason for optimism following April’s surprising price increase, the local market still faces some strong headwinds proceeding further into the “selling season”.  Persistently low inventories help to prop up those prices in the face of diminished demand due to higher mortgage interest rates and overall economic uncertainty.

Last month there was a decrease in the number of transactions, falling from 63 sold properties in March to 56 in April.  In April last year, the local market recorded 85 properties selling, he said.

Average market time for all those selling here rose slightly to 39 days.  In April, 2022, the average market time was barely two weeks.

The active inventory dipped in April to 71 units, 60 of them in Fallbrook.  Only 29 properties came on the market last month; and, the average asking price for available homes rose to $2,753,000. 

Time on the market for those in the active inventory bumped up to 73 days.

In April, 39 properties entered escrow, bringing the total up to 63 homes awaiting close.  The average asking price for all those in escrow dropped seven percent to $846,000, which foretells of probable price decreases overall coming in May and June.

Three condos sold in April, two in Fallbrook.  Another nine condos, eight in Fallbrook, are in escrow after 25 days on the market.  Only one attached property in Fallbrook is in the active inventory as of May 1, 2023.

Looking further at high-end homes, 23 properties priced above a million dollars sold in April.  Those million-plus homes that sold averaged 32 days on the market.  Thirteen top-tier homes were in escrow and another 43 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 $421, a significant increase after two months of declines.   

 

The average selling price-per-square-foot for all homes that sold here was $379 versus $412 per-square-foot in March.  Fallbrook rose $7 to $397 per-square-foot, and Bonsall dropped 17 percent to $361 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 $609 per-square-foot, was two percent higher than the $596 recorded in March, and six percent less than the $649 recorded in April, 2022.

Data for reporting periods ending April 30, 2023, and sourced through May 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.

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Charts and data courtesy of CRMLS and InfoSparks