FALLBROOK AND BONSALL REAL ESTATE ACTIVITY LEVELS OFF IN JULY, SAYS KALMAN
FALLBROOK,
Calif., Aug. 7, 2008 --- Government attempts to shore up
the housing market came too late to affect July activity in two prime North San Diego County communities, Jerry Kalman, a
RealtorŪ with RE/MAX United, reported today.
"Market activity remained flat in Fallbrook and Bonsall as 29 properties closed escrow,
the same number of homes as in June 2008,” he said. “This low level of activity also reflected a 31 percent drop
from July 2007 prices. The average selling price declined 12 percent from June
to $474,781 and $210 per average square foot in July.”
Average discounts, meanwhile, narrowed as the spread between original asking price and
the eventual selling price decreased to 11 percent.
He attributed the sharp average price decline to a surge of lower priced foreclosed and
pre-foreclosed properties that closed escrow last month. “Thirteen of the
properties that closed escrow in July were foreclosed or in pre-foreclosure here, nine of them already owned by lenders and
four listed as short sales.”
Entering August, 61 properties remained in escrow, the second month in 2008 showing a
decrease in this barometer of future activity. He noted that 28 homes entered
escrow in July, the same figure as in June, and that seven of those escrows came from new listings during the period.
In the million-dollar-plus category, three properties closed in July, which included an
estate in Fallbrook and two in Bonsall; however, no other high end properties entered escrow during the month. Estate-grade properties in this price range represent almost one fourth of the available inventory.
Five condos, four in Bonsall and one in Fallbrook, closed escrow in July. Kalman said two condos in Bonsall went into escrow during July and 24 are on the market in both communities
with an average asking price of $210,238, or $186 per average square foot.
The overall inventory of single family residences
entering August remained at 452 properties. During July, 81 new listings came
on the market, bringing the average asking price of all listings down to $820,802, or $276 per average square foot.
“In July, homes that closed escrow here dropped to an average selling price per
square foot of $210, significantly less than $305 in Carlsbad and $300 in Oceanside, and slightly less than $211 in Vista;
but higher than $208 in San Marcos and $191 in Escondido.”
