Two prime real estate markets in North San Diego County
showed sharp decreases in activity and prices in July, Jerry Kalman,
RE/MAX United, reported today.
"Average selling prices for 36 homes that closed escrow in Fallbrook and Bonsall dropped 16 percent to $640,286 after posting a slight increase in June. Average time on the market, however, declined to 61 days, which continued an improvement spanning the prior three months. We also experienced a 53 percent drop in selling activity from July of 2005, and 32 percent from June of this year," he said
Homes in escrow dropped to 61, which mirrored a statewide decline in selling activity. The average asking price of those in escrow increased to $738,799, or $304 per average square foot. During the month, only 37 sellers received acceptable offers to enter escrow with an average asking price of $686,837, or $293 per average square foot. Five of those that entered escrow were listed in July.
Active inventory on Aug. 1 ballooned to 517 homes; however, the average asking price declined again to $868,486, or $340 per square foot, as sellers and their agents tuned into buyer demand. He added that 135 new listings came on the market averaging $809,401 or $330 per average square foot. One fourth of the available inventory continued to be priced at or above one million dollars.
"Not one condo closed escrow in July, and only one was in escrow, which indicated an almost complete cessation of activity in single family attached homes here in the month," he said. The average price of the 48 condos still on the market showed a slight increase to $377,043. Of the two North San Diego County communities, Bonsall has more than half of the condo inventory.
Kalman is a Realtor(R) in the Bonsall office of RE/MAX United, 5519 Mission Rd., Bonsall, CA 92003. Kalman can be reached at 760-468-4689 and by email at jerry@jerrykalman.com.
"Average selling prices for 36 homes that closed escrow in Fallbrook and Bonsall dropped 16 percent to $640,286 after posting a slight increase in June. Average time on the market, however, declined to 61 days, which continued an improvement spanning the prior three months. We also experienced a 53 percent drop in selling activity from July of 2005, and 32 percent from June of this year," he said
Homes in escrow dropped to 61, which mirrored a statewide decline in selling activity. The average asking price of those in escrow increased to $738,799, or $304 per average square foot. During the month, only 37 sellers received acceptable offers to enter escrow with an average asking price of $686,837, or $293 per average square foot. Five of those that entered escrow were listed in July.
Active inventory on Aug. 1 ballooned to 517 homes; however, the average asking price declined again to $868,486, or $340 per square foot, as sellers and their agents tuned into buyer demand. He added that 135 new listings came on the market averaging $809,401 or $330 per average square foot. One fourth of the available inventory continued to be priced at or above one million dollars.
"Not one condo closed escrow in July, and only one was in escrow, which indicated an almost complete cessation of activity in single family attached homes here in the month," he said. The average price of the 48 condos still on the market showed a slight increase to $377,043. Of the two North San Diego County communities, Bonsall has more than half of the condo inventory.
Kalman is a Realtor(R) in the Bonsall office of RE/MAX United, 5519 Mission Rd., Bonsall, CA 92003. Kalman can be reached at 760-468-4689 and by email at jerry@jerrykalman.com.
© 2006 Business Wire
