HOPEFUL PRICE FIRMING TREND SEEN

IN FALLBROOK/BONSALL REAL ESTATE, SAYS KALMAN

FALLBROOK, Calif., June 8, 2009 --- "Despite reduced volume of closed escrows during May, several indicators point toward stabilization of prices and, eventually, an increase in activity in a North San Diego County real estate market," Jerry Kalman, Realtor® with RE/MAX United, reported today.  

He noted that the overall inventory of available homes in Fallbrook and Bonsall dropped to 329 listings, 100 less than the peak in late 2008; and the average listing price of all properties on the market increased to $839,406, or $256 per square foot.  Kalman attributed part of the inventory decline to a modification in multiple listing service categories when it added a "contingent" designation that diluted the number of properties, primarily short sales, formerly designated as pending and/or active. 

Entering June, the number of properties in escrow increased to 120, carrying an average asking price of $366,367, or $162 per square foot, modest increases over April.

"On a year-to-year comparison, prices and volumes declined from May 2008 levels.  Last month distressed properties once again accounted for a higher percentage of activity than other transactions," Kalman said, "with two thirds of the properties that sold in these prime North San Diego County communities lender-owned or short sales.  Typically, a handful of those sold above the original asking price, indicating possible multiple offers.  In May, homes sold at overall average prices of $329,144, or $161 per average square foot, and discounts off original listing prices declined to 11 percent."