FALLBROOK AND BONSALL REAL ESTATE CHUGS ALONG AT A SLOWER RATE AS SUMMER SELLING PERIOD NEARS END

 Seasonal Pattern Shows Many Metrics Off or Up Slightly

 

FALLBROOK/BONSALL, Calif., August 6, 2023 --- July real estate prices in Fallbrook and Bonsall showed signs of entering the summer doldrums as many metrics had only slight increases or declines, Jerry Kalman, a realtor® with HomeSmart Realty West, said today.

Average July sales at $944,000 were six percent lower than the $1,004,000 in June and slightly above the $941,000 recorded in July, 2022.  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 30 percent of the sold properties came in above $1 million; however, of the 17 that sold above one million, eight closed at or above their original listing price. 

Those million-plus homes that sold here averaged a month on the market.  Another eighteen top-tier homes were in escrow.

Average market time for those selling here dropped to 26 days, an indication that well-priced homes move in a timely manner.  In July, 2022, the average market time was 22 days; in June of this year, market time was a little better at 24 days.

Kalman said the active inventory rose marginally to 113 properties on the market entering August.  Almost two thirds of that current inventory is priced over a million dollars.  He  said that 46 properties were listed in July. 

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

In July, 39 properties entered escrow, bringing the total to 61 homes awaiting close, both of which were slightly off June levels.  The average asking price for all those in escrow was up nine percent to $1,012,000.

Four condos sold in July, three in Fallbrook; and two of them were new construction in the developments east of I-15.  Another five condos, four in Fallbrook, are in escrow after 14 days on the market.  Twelve attached properties, nine in Fallbrook, are in the active inventory as of July 31, 2023.

 Average-Price-Per-Square-Foot Metric Shows Improvement

He said that the two-community average price-per-square-foot for million-dollar-plus homes selling here in July increased five percent to $423.  

The average selling price-per-square-foot for all homes that sold here was $448 versus $417 per-square-foot in June.  Fallbrook dipped $6 to $414 per-square-foot, while Bonsall brought the average up $68 to $482 per-square-foot.  

In July of 2022, the two-community price-per-square-foot was $444.  In that period, Fallbrook recorded $411 per-square-foot and Bonsall was $476.

San Diego County in July rose $12 to $633 per-square-foot, and was $31 higher than the $602 recorded in July, 2022.

Data for reporting periods ending July 31, 2023, and sourced through August 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