Jerry Kalman of RE/MAX United reported Thursday that average selling prices in Fallbrook and Bonsall dropped 12 percent in September, but that real estate markets are continuing to improve in the area, and should do so throughout the end of the year.
Kalman said his positive forecast for the remainder of the year is based on an accelerated number of homes that entered escrow in August and September and strong performance among mid-priced homes.
Last month, Kalman said that prices in the area had “bottomed out” because they were up 5 percent from the same period last year.
Kalman said Thursday that two-thirds of the 49 properties the company sold in August went for or below the average price of $624,054.
That equates to about $283 per square foot. But the average time on the market was also down to 68 days from 73 in August.
"Fallbrook and Bonsall homes and lot sizes tend to be larger than in other North County areas, making homes and parcels attractive values versus neighboring communities," Kalman said."In September, homes that closed escrow here cost less per square foot than the $343 in Carlsbad, $312 in Oceanside, $291 in Vista, and $285 in Escondido and San Marcos."