Prices Up Again but November Real Estate Activity Appears to Stabilize, Says Kalman.

BONSALL, Calif. -- Real estate activity appeared to stabilize in the prime North San Diego County communities of Fallbrook and Bonsall as November selling prices increased despite persistently high inventories, Jerry Kalman, Prudential California Realty, reported today.

"The average selling price of a single family home rose four percent to $699,446, or $285 per average square foot," he said. "Significantly, the price of homes that sold reflects a seven percent average discount off the original asking price."

Kalman attributed the apparent approaching stability to sharp reductions in gasoline prices, which brought more buyers to the area; flattening long-term mortgage rates, and gradual absorption of homes on the market.

"Of continuing concern is the sharp difference between the average prices of those that sold versus those still on the market. Entering December, 333 homes are on the market carrying an average listing price of $874,341, or $330 per sq.ft.," Kalman said. "This high inventory of unsold homes reflects a market time averaging 77 days, a week longer than those that closed escrow."

According to Kalman, 78 new listings were added in November averaging $829,536, or $326 per square foot.

Two condos closed escrow and the price per square foot was $275. The average asking price of 32 condos on the market stands at $365,767.

Kalman uses market statistics supplied by Sandicor, the multiple listing service used by Realtors(R) in San Diego County. He reported the average asking price of the current inventory in escrow on December 1 was $830,834, or $325 per average square foot.

"Lot sizes and homes in Fallbrook and Bonsall tend to be larger and more competitively priced versus neighboring communities," he continued. "Homes selling here are less per square foot than $309 in Escondido, $327 in Carlsbad and $308 in Oceanside, and slightly above $281 in Vista and $283 in San Marcos."

Looking back over the past three years, he explained that November 2005 selling prices were 14 percent higher than November 2004, 24 percent over November 2003, and 63 percent above November 2002.

Kalman is a Realtor(R) with Prudential California Realty, 5256 S. Mission Rd., Bonsall, CA 92003. Kalman can be reached at [phone] and by email at [e-mail].