FALLBROOK – Home prices in both the Fallbrook and Bonsall real estate markets firmed up in July paced by an increase in volume, Jerry Kalman, a realtor® with HomeSmart Real Estate, reported on Aug. 6.
Comparing July real estate activity in Bonsall and Fallbrook with prior periods, the average selling price of $525,000 was four percent higher than June and two percent better than July 2013. The average price per square foot was $209. Sales volume was off 18 percent from July of the prior year but 18 percent higher than June 2014. In July of the current year, 23 percent of the homes sold at or above the original asking price. The average selling price in July was nearly three percent lower than the original asking price.
Entering August, the single-family residential inventory rose to 322 properties, with 84 percent in Fallbrook while 16 percent were in Bonsall. Based on July results, the market currently has more than a five-month supply of homes, a two-month improvement over June levels.
During July, 49 homes here came off the market, however, the number of homes in escrow declined 13 percent to 72 properties. The average asking price of those in escrow was $587,000, an 11 percent increase.
The average time on the market for homes that sold here rose to 56 days after holding at 40 days for two months. The average elapsed time of those still on the market was at 82 days.
Three properties priced at over a million dollars sold and four properties priced at the high end of the market were in escrow. Another 75 high-end homes were in the inventory of actively marketed properties, one third in Bonsall. Meanwhile, five condominium-style homes sold in July, three in Fallbrook, with an average price of $243,000. The five of them averaged 32 days on the market. Six more were in escrow and 12 were active listings, nine in Fallbrook.
He noted that 15 percent of the July transactions were for cash and those properties averaged almost two months on the market; meanwhile 32 percent of those sold were under VA/FHA contracts, often favored by first-time homebuyers, and they were on the market for an average of 60 days. Most of the remainder of completed transactions were closed with conventional loans and they hit market averages for selling prices and time on the market.