Sunday, 22 October 2017

THIN INVENTORY IN NORTH SAN DIEGO COUNTY REAL ESTATE MARKET AFFECTS MARCH ACTIVITY

Written by Posted On Thursday, 06 April 2017 23:16

THIN INVENTORY IN NORTH SAN DIEGO COUNTY REAL ESTATE

MARKET AFFECTS MARCH ACTIVITY

 Market Velocity Increases with High Demand

FALLBROOK, Calif., April 5, 2017 --- Prices and market-time for homes in Fallbrook and Bonsall improved in March, boosted in part by declining volume, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

The inventory improved steadily throughout the month to 184 units.  Despite an almost 15 percent inventory increase from a very low February, any inventory below 200 units is cause for concern especially entering the second quarter of the year, he said. 

Comparing March 2017 with the same period a year ago, prices were 18 percent higher at $584,000 while volume was off 21 percent.  Homes took ten percent less time to sell in March 2017 than in the comparable period a year ago.

Four high end homes, two in each community, closed escrow in March with half of them selling at or above their original listing price.  Twelve more, ten in Fallbrook, are in escrow, which reduced the active inventory in this category by 20 percent.  There are 44 of these million-dollar-plus properties on the market, two thirds of them in Fallbrook. 

In March, 74 homes came off the market, 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.

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 per square foot of $256.  Fallbrook rose 14 percent to an average of $260 per square foot per home, partially offsetting the steep decline in Bonsall.

Four condos, two in each community, sold in March.  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.

First Quarter 2017 Results

            Comparing the first quarter of 2017 with the comparable period a year-ago, aside from an eight percent decline in total number of sales, other important metrics were up.   Market time decreased by 16 percent in the first three months of 2017, while prices of sold homes bumped up by nine percent, due largely to several high-end homes selling in February and March.

Kalman´s data for the reporting periods ending March 31, 2017, came from Sandicor, Inc., the area's multiple listing service for realtors.  It 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. BRE # 01328697) in the North County office of HomeSmart Legends, 701 S. Main, Fallbrook, at (760) 468-4689 (voice or text) or jjThis email address is being protected from spambots. You need JavaScript enabled to view it..

HomeSmart, founded in 2000, has more than 10,000 agents and broker associates in offices throughout 15 states.  HomeSmart Legends is the first franchise in the HomeSmart system.  The Temecula office is located at 27645 Jefferson Ave., Suite 116, Temecula, CA  92590.

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Jerry Kalman

 

Jerry Kalman

 

California BRE #: 01328697

 

Realtor (California BRE #: 01328697)

 

HomeSmart Real Estate North County

 

 

 

            Jerry Kalman, an area resident for 15 years, is committed to community service.  He is an active member of the Fallbrook Community Planning Group’s Land Use and Design Review committees as well as the Acquisitions Committee of the Fallbrook Land Conservancy.  He is also a member of Brandon Gallery, a local artist's cooperative in Fallbrook, and is a docent for The Museum of Photographic Arts in Balboa Park (San Diego). 

 

Kalman is a customer service professional with more than 30 years of experience working with Business-to-Business and consumer clients, the past 13 of them as a realtor specializing in the Fallbrook/Bonsall area of North San Diego County.  He joined HomeSmart Real Estate in 2013 when that firm assumed the practice of The Jacques Company, a realty in North San Diego County.  When first starting in real estate, he was with Prudential California Realty and then RE/MAX; both offices were in the Fallbrook/Bonsall area.  Since becoming a realtor, he was named Rookie of the Year by Prudential California Realty in the Bonsall office and Realtor of the Year by the local district of the North San Diego County Association of Realtors.

 

            Prior to earning his real estate license, Kalman was a marketing and communications consultant, specializing in Internet and technology-based companies.  He moved to consulting after a series of management positions in several Fortune 1000 companies.  His firm, Kalman Communications, had two offices, one in West Los Angeles and the other in San Francisco, before he merged his practice into Ogilvy Public Relations.  His client-base included many publicly held companies as well as US subsidiaries of well-known Japanese electronics companies.  When the Internet took off, he shifted his focus to helping dot coms position themselves in the marketplace.  Kalman co-founded the Software Council of Southern California, a trade group in Los Angeles.

 

            As an accomplished professional fine art and architectural photographer, he has won several regional and international awards for his digital images.  His work appears locally at the Brandon Gallery in Fallbrook and on Pinterest as well as on a website: www.kalmanphotos.com.

 

            A prolific writer, he has authored a dozen books and co-authored one of the first Internet text books: "Internet Commerce Metrics and Models", Prentice Hall.  He used that text in e-commerce courses he taught at the University of California (San Diego, Riverside and Irvine campuses) and at the Singapore Institute of Management.  Kalman has a Bachelor of Science degree in journalism from the University of Illinois (Champagne-Urbana) and was a post-graduate student in film and television production at the University of Denver.  He served as a lieutenant in the US Navy during the Vietnam War.

 

www.jerrykalman.com

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