FALLBROOK AND BONSALL REAL ESTATE SHOWS SPOTTY IMPROVEMENT IN JUNE METRICS

Prices up over May While Volume Lags

 

FALLBROOK/BONSALL, Calif., July 6, 2023 --- June real estate prices in Fallbrook and Bonsall shrugged off some of the headwinds from rising mortgage rates to record gains versus month- and year-prior results, Jerry Kalman, a realtor® with HomeSmart Realty West, said today.

Average June sales at $993,000 were six percent better than the $935,000 in May and one percent above the $982,000 recorded in June, 2022.  More than half of all the homes that sold here in every price range and style closed at or above the original listing price.

He said that almost half of the sold properties came in above $1 million; however, of those that sold above one million, only ten closed at or above their original listing price, “and this pricing segment appeared to be under the most price pressure versus lower market levels.” 

There was an expected decline in the number of transactions, dropping from 67 sold properties in May to 59 in June, a trend he expected to continue throughout the last half of the year.  In June last year, the local market recorded 63 properties selling, he said, marking the beginning of the market decline that has persisted through the first half of 2023.

Average market time for all those selling here dropped to an impressive 24 days.  In June, 2022, the average market time was 16 days. In May of this year, market time was well over a month

The active inventory rose to 109 properties on the market at month-end.  Some 50 properties came on the market last month; and, the average asking price for available homes was $2,500,000.  More than two thirds of that current inventory is priced over a million dollars.

Time on the market for those in the active inventory was flat at just under two months.

In June, 41 properties entered escrow, bringing the total to 64 homes awaiting close, which was an improvement over May and portends for a stronger July.  The average asking price for all those in escrow was flat at $928,000.

Eight condos sold in June, six in Bonsall, after 20 days on the market.  Another six condos, four in Fallbrook, are in escrow after 17 days on the market.  Eight attached properties, all in Fallbrook, are in the active inventory as of June 30, 2023.

Looking at high-end homes, 25 properties priced above a million dollars sold in June.  Those million-plus homes that sold averaged 35 days on the market.  Seventeen top-tier homes were in escrow.

The two-community average price-per-square-foot for million-dollar-plus homes that sold here decreased six percent to $404.  

The average selling price-per-square-foot for all homes that sold here was $408 versus $382 per-square-foot in May.  Fallbrook rose $7 to $398 per-square-foot, and Bonsall rose $42 to $414 per-square-foot.  

In June of 2022, the two-community price-per-square-foot was $456.  Fallbrook recorded $433 per-square-foot and Bonsall was $478, both of which back then were down slightly after peaking in April of 2022.

San Diego County in June rose $3 to $622 per-square-foot, but was a dollar lower than the $623 recorded in June 2022.

Data for reporting periods ending June 30, 2023, and sourced through July 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