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Key North San Diego County Markets Buck Regional Trends with Gain in Prices

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New Homes in Developments along I-15 Bolster Local Results in Fallbrook and Bonsall

FALLBROOK, Calif. - Dec. 6, 2018 - eTradeWire -- Home prices improved and volume steadied as several sales within new developments along the I-15 corridor bolstered the local real estate market here, Jerry Kalman, a realtor® with HomeSmart Legends, reported today.

Average prices at $632,000 in Fallbrook and Bonsall were four percent over October, 2018, and a scant one percent above November of last year, he said.  Time to sell continued to decline as that important benchmark touched two months.

According to Kalman, 20 percent of the homes that sold in this part of North San Diego County were new properties on the east side of Fallbrook and their three-month market-times also affected overall market results.

He said that overall one fourth of the homes sold at prices equal to or greater than the original listing prices, and that three of them were new construction.  Overall, VA/FHA/USDA transactions represented 24 percent of those that sold while cash deals were at 14 percent, both values below the range for most of 2018.

He noted that 67 homes are in escrow here, two fewer than the prior month; and 49 went into escrow in November.  Nine of those escrows were in the new projects along Interstate 15.

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The average price of all those in escrow entering November was $630,000, a six percent drop from October.

According to Kalman, the inventory in December tends to deflate as many residents and their agents remove properties during the slow holiday period.  Entering December, approximately 310 homes were in the active inventory, about five percent were new construction.  Bonsall accounted for 35 properties while the larger community of Fallbrook had the remainder of homes on the market.

"Average price per square foot helps realtors value homes in highly diverse communities like Fallbrook and Bonsall," he reported.  "Logging an average of $284 per square foot in November, the local market was essentially the same as in October.  Fallbrook rose slightly to $297 per square foot, while Bonsall, with seven transactions in the period, dipped nine percent to $271 per square foot."

Kalman said that the San Diego County average decreased to $399 per square foot.

At the high end, three homes priced over one million dollars closed escrow in November, all in Fallbrook.  The average market time for these homes that sold approached four months.  Another 10 of these properties are in escrow, eight in Fallbrook.  Almost 75 are in the active inventory, averaging more than three months on the market.

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Four condos sold in November, two in each community.  These selling condos were on the market less than a month and carried an average price per square foot of $276.  He said that six attached properties are in escrow, four of them in Fallbrook.  The inventory of active condo listings rose to 24 units, seven in the complex east of the freeway.

Kalman´s data for the reporting periods ending November 30, 2018, and reported by December 5, 2018, came 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 licensed realtor (Calif. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jerry@jerrykalman.com.

HomeSmart, founded in 2000, has more than 14,000 agents and broker associates in offices throughout 17 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

Jerry Kalman

Source: Jerry Kalman
Filed Under: Real Estate

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