Real Estate Indicators Mixed in April, Says Kalman

Business Wire, May 4, 2006

BONSALL, Calif. -- Improvement in the North San Diego County real estate market was evident in April, Jerry Kalman, Prudential California Realty, reported today.

"The time a Fallbrook/Bonsall home remained on the market before entering escrow dropped and the average selling price per square foot increased along with the number of homes put in escrow. All represented positive signs for local homeowners," he said.

April selling prices averaged $704,105 or $314 per square foot for the 52 homes that sold. During the month, 48 homes went into escrow at an average asking price of $751,151. Overall, the 80 homes in escrow had an average asking price of $714,187, or $310 per average square foot.

"The inventory of active listings on May 1 increased to 389 homes on the market, however, the average listing price declined to $923,461, or $346 per square foot," Kalman said, adding that 28 percent of the available inventory was priced at or above one million dollars.

In April, 124 new listings came on the market with an average price of $842,588, or $356 per average square foot.

Three condos closed escrow in April with an average selling price of $358,333; the average price per square foot was $252.

"April activity improved along with the weather, however, high gas prices and increases in interest rates continued to weigh down activity in the period," he said. "The average time on the market for those that sold dropped to 83 days, two weeks longer than the average time for the past 12 months. On another positive note, the active inventory market time declined to an average of 75 days and those that were placed in escrow by May 1 averaged 76 days on the market."

Prices of homes that sold last month were five percent higher than in April 2005, he said. Through the first four months of 2006, homes were selling at an average of $699,646, an eight percent increase over the same period of 2005 when the average selling price was $648,586.

Kalman is a Realtor(R) in the Bonsall office of Prudential California Realty, 5256 S. Mission Rd., Bonsall, CA 92003. He can be reached at (760) 468-4689 and by email at jerry@jerrykalman.com.