11/09/2020
AS FALLBROOK AND BONSALL REAL ESTATE MARKETS SLOW,
LIKE THEY ALWAYS DO IN OCTOBER, PRICES CONTINUE TO RISE
FALLBROOK, Calif., Nov. 9, 2020 --- October real estate prices continued to rise even as volume started to go through a seasonal slowdown in Fallbrook and Bonsall, Jerry Kalman, a realtor® here with HomeSmart Legends, said today.
October 2020 selling prices at $792,000 were up 13 percent above last month and 28 percent better than October 2019 levels, he said. With a selling volume of 86 units in October, the local market equaled October 2019 but was 16 percent lower than September of this year.
According to Kalman, the depleted active inventory recovered again, reaching 116 units. During the month, 90 came off the market while 52 were a new-listings-offset.
The average asking price for all homes in that active inventory was $1,089,000, which continue to reflect the top-heavy nature of the local market.
Entering November, he said 129 homes were in escrow, a number that is well above seasonal levels for this time of year and an increase over the prior month. The average market time for those listed as pending dipped back down to 38 days.
As a further reflection of the soaring market, more than half of the homes sold at prices equal to or greater than the original listing prices, he reported.
At the high end, 14 homes priced over one million dollars closed escrow in October, nine of them were in Fallbrook. Another 19 entered escrow in October with just a one-month average market time.
Six condos sold in October, five were in Bonsall, and they averaged two months days on the market. He said that six attached properties are in escrow, five in Bonsall. Six condos were in the active inventory at the end of October with an average time on the market of 25 days.
“Average price per square foot helps realtors value homes in diverse real estate markets like Fallbrook and Bonsall,” he said. “The average of $302 per square foot in October was equal to September. In Bonsall, the average slipped a percent to $298 while Fallbrook was up two percent to $306 per square foot. The county-wide San Diego average soared from $444 to $561 per square foot.
Kalman´s data for the reporting periods ending October 31, 2020, and sourced by Nov. 5, 2020, 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. DRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or [email protected].
HomeSmart, founded in 2000, now has more than 18,000 agents and broker associates in almost 30 of the states in the US. HomeSmart Legends, the first franchise in the HomeSmart system, is located at 41823 N. Enterprise Circle, Suite 130, Temecula, CA 92590.
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Charts and data courtesy of CRMLS and InfoSparks
