FALLBROOK AND BONSALL REAL ESTATE INVENTORY BEGINS TO FILL OUT

 

 

 

FALLBROOK/BONSALL, Calif., June 6, 2023 --- May real estate prices in Fallbrook and Bonsall dipped versus month- and year-prior results, Jerry Kalman, a realtor® with HomeSmart Realty West, said today.

Average May sales at $937,000 were eight percent lower than the $1,022,000 in April and five percent below the $982,000 recorded in May, 2022.  Fifty-eight percent of all the homes that sold here in all price ranges and styles closed at or above the original listing price, an increase over April. 

He said that one-third of the sold properties came in above $1 million; however, of those that sold above one million, only five closed at or above their original listing price. 

As reported last month, Kalman said that the local market continues to face strong headwinds proceeding toward the end of the “selling season” here, which normally phases out in July.  Persistently below average inventories continue to prop up prices even in the face of diminished demand due to higher mortgage interest rates and overall economic uncertainty, some of which was caused by the recent debt-ceiling-overhang in Washington in May.

Last month, there was a modest and seasonal increase in the number of transactions, rising from 57 sold properties in April to 66 in May.  In May last year, the local market recorded 84 properties selling, he said.

Average market time for all those selling here rose slightly to 41 days.  In May, 2022, the average market time was 16 days!

The active inventory rose significantly to 100 properties on the market at month-end.  Some 49 properties came on the market last month; and, the average asking price for available homes was $2,360,000. 

Time on the market for those in the active inventory dipped to 56 days.

In May, 37 properties entered escrow, bringing the total to 56 homes awaiting close.  The average asking price for all those in escrow rose to $926,000.

Seven condos sold in May, six in Fallbrook.  Another seven condos, four in Fallbrook, are in escrow after 15 days on the market.  Five attached properties, four in Fallbrook, are in the active inventory as of May 31, 2023.

Looking at high-end homes, 21 properties priced above a million dollars sold in May.  Those million-plus homes that sold averaged 41 days on the market.  Nineteen top-tier homes were in escrow. Another 62 above the million-dollar-price-point are active, which is 30 percent more than in the prior month.

The two-community average price-per-square-foot for million-dollar-plus homes that sold here increased to $428.  

 

             The average selling price-per-square-foot for all homes that sold here was $383 versus $380 per-square-foot in April.  Fallbrook dipped $26 to $372 per-square-foot, and Bonsall rose $32 to $393 per-square-foot.  

In May of 2022, the two-community price-per-square-foot was $424.  Fallbrook recorded $412 per-square-foot and Bonsall was $435.

San Diego County, at $621 per-square-foot, was two percent higher than the $608 recorded in April.

Data for reporting periods ending May 31, 2023, and sourced through June 5, 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