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Real Estate in Fallbrook and Bonsall Poised for 2007 Recovery, Says Kalman.

BONSALL, Calif. -- Bonsall and Fallbrook real estate appears poised for a year of recovery as December selling activity increased and inventory decreased, Jerry Kalman, RE/MAX United, reported today.

"Entering 2007, it seems most of the price correction is behind these two North San Diego County communities. To show positive results for buyers and sellers, we need inventory levels to remain roughly at current levels," he said.

"At year-end, average selling prices for 39 homes that closed escrow here increased ten percent to $623,243, or $282 per average square foot, from a very soft November," he said. "Comparing last month with December 2005, when 50 homes closed escrow, there was a 14 percent decrease from the year-earlier average selling price of $720,786."

Three condos closed escrow last month.

Kalman attributed December's price decrease largely to continued softness among homes with asking prices over a million dollars, which comprises one fourth of the inventory.

Active inventory on Jan. 1 decreased to 338 homes, down almost 100 from November levels as many agents and their sellers either removed homes from the market over the holidays or let listings expire. He said the average asking price of the current inventory dropped two percent to $853,747, or $328 per square foot. During December, 42 new listings came on the market with an average asking price of $769,449, or $302 per average square foot.

"At year-end, 54 homes were in escrow with an average asking price of $631,433, or $272 per average sq. ft. Three of those that entered escrow were listed in December," he said.

"By year-end, 570 single family residences sold here, a 29 percent decline in volume from 2005. Year-to-year prices increased two percent and the average selling price was three percent higher than at the close of 2005," Kalman said.

Kalman is a Realtor[R] in the Bonsall office of RE/MAX United, 5519 Mission Rd., Bonsall, CA 92003. Kalman can be reached at (760) 468-4689 and by email at jerry@jerrykalman.com.
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Date:Jan 8, 2007
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