Prices and the number of days on the market for homes in Fallbrook and Bonsall improved in March, boosted in part by declining volume, according to Jerry Kalman, a realtor who tracks the two North County submarkets.
Inventory rose nearly 15 percent month-over-month to 184 units. But any inventory below 200 units is cause for concern, especially entering the second quarter of the year, said Kalman, a realtor with HomeSmart Legends.
Home prices in the two North County submarkets were up 18 percent year-over-year in March to $584,000 while volume was off 21 percent, according to Kalman’s report. Homes took 10 percent less time to sell in March 2017 than in March 2016.
Four high-end homes closed escrow in March with half of them selling at or above their original listing price. Twelve more high-end homes, including 10 in Fallbrook, are in escrow, which reduced the active inventory in this category by 20 percent.
There are 44 million-dollar-plus properties on the market, two-thirds of them in Fallbrook, Kalman said.
In March, 74 homes came off the market in Fallbrook and Bonsall, an indicator of future activity, bringing the number of homes in escrow to 112. The average price of all those off the market rose to $661,000, and the time on the market for those entering escrow dipped to an average of 51 days, Kalman reported.
Cash buyers represented 19 percent of the transactions while VA/FHA transactions dropped to 25 percent of the activity versus 35 percent in February.
“One-fourth of the 67 sales were at or above the original asking price,” Kalman said. “Many of those that sold at or above the listing price went into escrow within a month of when they were listed. Notably, some were mid-range and upper-end homes priced well above the market average here.”
He reported that the average selling price per square foot in the two communities – an important metric used to price homes – decreased 11 percent to $258, with Bonsall dropping 21 percent to an average selling price of $256 per square foot. Fallbrook rose 14 percent to an average selling price of $260 per square foot, partially offsetting the steep decline in Bonsall.Four condos sold in March while six more condos were in escrow, four in Fallbrook. Four condos were on the market entering April, three of them in Bonsall.
The average market time for those condos in the active inventory was slightly more than four months because most were higher priced townhouse and duplex-style units.
The total number of sales declined 8 percent in the first quarter compared to the same period a year ago. But the market time decreased by 16 percent in the first quarter 2017, while prices of sold homes rose 9 percent, due largely to several high-end homes selling in February and March.
Kalman´s data for the reporting periods that ended March 31 came from Sandicor, Inc., the area’s multiple listing service for realtors.