DOMINANCE BY FORECLOSURES AND SHORT SALES EASED DURING APRIL IN FALLBROOK AND BONSALL, SAYS KALMAN

FALLBROOK, Calif., May 5, 2008 --- Lender-dominance eased and more normal transactions surged during April marking a rebound in Fallbrook/Bonsall real estate prices, Jerry Kalman, a Realtor® with RE/MAX United, reported today.  

"In these two North San Diego County communities 30 properties closed escrow with less than half facing foreclosure or already owned by lenders,” he said.  “The average selling price of $522,261 represented a 50 percent increase over March 2008 but nonetheless a 21 percent decline from year-earlier levels.  Average discounts from original asking prices narrowed to 12 percent with a decrease in lender-influenced deals.”

He said that even though selling activity remains heavily skewed toward lower priced properties, activity increased in mid-range and high-end homes.  Entering May, 78 properties were in escrow, the fifth straight monthly increase.  He noted that more than half of them entered escrow in April and that ten percent of those escrows came from new listings during the period.

In the million-dollar-plus category, one property closed in April and five placed in escrow marking a sharp increase in high-end home activity   Estate-grade properties in this price range continued to represent more than one fourth of the available inventory.  Average days on the market for high-end homes in April declined to 129 days.

Bonsall accounted for all condo sales in April as three units closed escrow with an average selling price of $188,333, or $128 per square foot.  Kalman said five condos, four in Bonsall, went into escrow in the month and that 32 are on the market in both communities with an average asking price of $235,443, or $207 per average square foot. 

 The overall inventory of listed single family residences entering May held steady at nearly 450 properties.  During April, 92 new listings came on the market with an average asking price of $837,100, or $297 per average square foot.  The average asking price of all homes on the market in Fallbrook and Bonsall decreased slightly to $856,733. 

 “On an average selling price per square foot basis, homes that closed escrow in April here dipped to $208, less than $309 in Carlsbad, $219 in Oceanside, $212 in San Marcos and $211 in Vista; and higher than $207 in Escondido.”

Kalman uses data from Sandicor, Inc., the multiple listing service used by realtors and other real estate professionals in San Diego County, for Apr., 1, 2008, through Apr. 30, 2008, and represents properties listed or sold by various brokers.  He uses it to analyze the market and provide personal insight into real estate dynamics and trends as a community service.  Kalman is a Realtor® in the Fallbrook office of RE/MAX United, 1667 Mission Rd., Fallbrook, CA  92028, and can be reached at (760) 468-4689 and by email at jerry@jerrykalman.com.