FALLBROOK/BONSALL REAL ESTATE PRICES SCORE IMPRESSIVE GAINS, DRIVEN LARGELY BY DEPLETED INVENTORY IN AUGUST

 Premium Pricing in all Segments Dominates

 

 

FALLBROOK/BONSALL, Calif., September 7, 2023 --- In August, Fallbrook and Bonsall real estate prices showed impressive gains, driven in large part by painfully meager inventory levels, Jerry Kalman, a realtor® with HomeSmart Realty West, said today.

Average August sales at $1,067,000 were 13 percent higher than the $942,000 in July and 23 percent above the $840,000 recorded in August, 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 almost 50 percent of the sold properties came in above $1 million; and, of the 27 that sold above one million, 12 closed at or above their original listing price. 

Those million-plus homes that sold here averaged 31 days on the market.  Another 16 top-tier homes were in escrow.

Average market time for those selling in all market segments here was 26 days.  In July, 2023, the average market time was 26 days; in August 2022, market time was at 24 days.

Kalman said the active inventory dropped down to 97 properties on the market entering September.  Almost two thirds of that current inventory is priced over a million dollars.  He said that a paltry 34 properties were listed in August. 

Time on the market for those in the active inventory rose slightly to 71 days, another indication of the market slowing.

In August, 41 properties entered escrow, bringing the total to 58 homes awaiting close.  The average asking price for all those in escrow was up over 100 percent to $2,194,000!

Four condos sold in August, three in Fallbrook.  Another nine condos, four in Bonsall, are in escrow after 15 days on the market.  Seven attached properties, six in Fallbrook, are in the active inventory as of August 31, 2023.

 Average-Price-Per-Square-Foot Metric Declines

 He said that the two-community average price-per-square-foot for million-dollar-plus homes selling here in August dropped four percent to $406. 

 

             The average selling price-per-square-foot for all homes that sold here was $421 versus $449 per-square-foot in July.  Fallbrook was flat at $416 per-square-foot, while Bonsall dropped 12 percent to $425 per-square-foot.  

In August of 2022, the two-community price-per-square-foot was $386.  In that period, Fallbrook recorded $416 per-square-foot and Bonsall was $355, which was a severe drop for then.

The San Diego County metric in August rose $14 to $646 per-square-foot, and was $53 higher than the $593 recorded in August, 2022.

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