NORTH SAN DIEGO COUNTY REAL ESTATE ACTIVITY STARTS YEAR ON CAUTIOUS NOTE

FALLBROOK, Calif., Feb. 8, 2012--- Real estate activity in North San Diego County entering 2012 slowed as a December rush of closings stole momentum from the first month of the new year, Jerry Kalman, realtor® at The Jacques Company here, reported today.

 “Of homes neither lender-owned nor a short sale, the average selling price was $533,000, a 59 percent increase over the prior month.  The percentage of short sale and lender-owned homes in January exceeded that of traditional sales by a small margin," he said.

Discounting occurred in all segments as average selling prices in Fallbrook and Bonsall declined seven percent from January 2011 levels to $387,000.  January prices were 16 percent higher than December 2011.  Overall, prices varied by an average of 13 percent from those at the original listing.  Three properties, one in each segment, sold for more than the original asking price.

Kalman said the single-family residential inventory drifted down to 242 properties, a seven and a half month supply based on January results.  The average asking price of the inventory was $719,000, roughly the same as in December.

"The decrease in inventory runs contrary to past years, and we still expect a surge of 'new' listings to come onto the market in the remainder of the first quarter.  In addition, we expect foreclosure volume to continue to rise in the first quarter as lenders lift their holiday moratorium and aggressively move many short sale listings into a foreclosed status."

The number of homes in escrow entering February decreased to 79 properties as 40 came off the market in January.  The average asking price of those off the market was $379,000, or $161 per square foot, roughly the same as the prior month.

Kalman said that in January it took an average of 56 days from the original listing to sell lender-owned properties and 64 days to move a traditional transaction into escrow.  The average time for short sales on the market was 202 days.

In the segment where first time buyers and investor activity occurs, two condominiums, both in Fallbrook, sold.  Five condos were in escrow.  Entering February, the active inventory of condos was 16 units, seven in Fallbrook and nine in Bonsall.  The average asking price of the inventory was $198,000, or $124 per square foot.

Comparing Fallbrook-Bonsall with nearby North San Diego County markets, Kalman said homes that sold here in January at $163 per average square foot trailed $243 in Carlsbad, $187 in San Marcos, $178 in Oceanside and $173 in Vista but bettered $161 in Escondido.  Fallbrook and Bonsall were the only communities to show improvements in December.

Kalman´s data for the reporting periods ending January 31, 2012, came from Sandicor, Inc., the area's multiple listing service for realtors.  It represents properties listed or sold by various brokers in San Diego County.  He uses this information to analyze the market and provide professional insight into real estate dynamics and trends as a community service.

Jerry Kalman is a licensed realtor (Calif. DRE # 01328697) based in the Fallbrook office of The Jacques Company.  Reach him at (760) 468-4689 or jerry@jerrykalman.com.