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Entry Level Homes Dominate North San Diego County Real Estate Markets

Written by Posted On Monday, 05 October 2015 16:27

ENTRY-LEVEL HOMES DOMINATE NORTH SAN DIEGO COUNTY REAL ESTATE MARKET

 

Lack of High-end Home Sales Depress Average Pricing

 

FALLBROOK, Calif., October 5, 2015 --- In the absence of sales among high-end homes, real estate prices in two prime North San Diego County markets in September softened, Jerry Kalman, a realtor® with HomeSmart Legends here, reported today.

The average Fallbrook and Bonsall selling price of $454,000 per home reflected a six percent drop from August 2015 levels; however, there was a 24 percent decline in average selling price from September 2014.  Volume in the two communities was equal with September of 2014 as well as last month.

The average selling price decline in Bonsall to $321,000 per property represented a dramatic drop as nothing above $500,000 sold.  Fallbrook’s average at $476,000 was also notable.

In September, 16 percent of the homes sold at or above the original asking price, and half of them once again were conventional transactions.

Meanwhile, 12 percent of the September transactions were for cash, only three of them at the asking price.  Another third of the homes that sold were under VA/FHA contracts, a continuation of statistics suggesting that first-time buyers and those coming back into the market once again dominate the entry-level segment of the market. 

At the high end, no homes sold, though four were in escrow after an average market time of 57 days.  Another 67 homes were in the active inventory where they averaged nearly five months on the market.

Ten condominiums sold in September, six in Fallbrook, with an average price of $260,000 or $218 per square foot in this segment.  Meanwhile, five condos were in escrow, three in Bonsall; and nine were active listings on the market, seven of them in Fallbrook. He attributed the market time improvement to a preponderance of entry-level homes selling, which tend to move off the market quicker than those at more expensive price points.

In September, it took an average of 49 days for homes to sell while on the market, an improvement over August when it took 52 days to move a home into escrow.  During September, 53 homes here came off the market, while the overall number of homes in escrow rose to 80 properties.  The average asking price of those in escrow was $630,000, which suggests some price rises from September’s yearly lows entering the fourth quarter.

The average selling price per square foot, an important metric of pricing, was $230, a nominal drop from August.

 

Entering October, the residential inventory ballooned as the rate of closings slowed and, with them, properties going into escrow.   He noted that 318 properties were available and that the inventory carried an average asking price of more than $870,000.  Based on September results, the market has a six-month supply of homes.

Kalman´s data for the reporting periods ending September 30, 2015, 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, and can be reached at (760) 468-4689 or This email address is being protected from spambots. You need JavaScript enabled to view it.; and a digital business card is at: http://bit.ly/1ITN3uA

 

HomeSmart, founded in 2000, has some 8000 agents and broker associates in almost 80 offices throughout 14 states and two countries.  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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