The City of Fallbrook is the northernmost city to be found in San Diego County, California. Controlling 44 square miles, Fallbrook has been known over the years as the “Avocado Capitol” of the world. Along with the effect of the drought conditions, and the rapid land development for sub-divisions, that name should be reconsidered. So conveniently close to Los Angeles and the surrounding cities, that Fallbrook has become a ‘Bedroom Community for many commuters from both Riverside and Orange Counties. The effect of Fallbrook’s popularity is evidenced by a view of the below real estate report. In addition, Fallbrook still holds that certain small town quaint charm so attractive to many and with the U.S. Marines at Camp Pendleton as next door neighbors, this city offers a firm dose of American values and tradition. Considering only single family detached residences from the sales data directly from the Sandicor MLS, and viewing the snapshots of the sales number for August 2013 versus August 2014; here are the numbers:
· The median sales price of SFR properties for 8-2013 was $365,500 vs. $549,950 on 8-2014. That represents a median sale price increase of slightly over 50%!
- · The percentage of the List Price captured in 8-2013 was 95.5% vs. 92.3% for 8-2014.
- · The average price per square foot for sold homes was $212.00 in 8-2013 vs. $224.00 for 8-2014.
- · The number of months’ inventory available for sale in 8-2013 was 4.7 vs. 5.6 for 8-2014.
- · The number of Active listings is flat at 288 for 8-2013 vs. 286 for 8-2014.
All other indicators are fairly flat including the number of new listings, Day on Market (DOM), etc. So it appears that while the median price of homes has skyrocketed, sellers have apparently tried to push the prices even further higher, eventually fatigued and accepted substantially lower adjustments as the final sale price, while the continued supply of new listings coming on the market has been steady, further giving the sellers the incentive to cut their higher demanded prices in order to get their homes sold.
Tired of over-developed urban areas; consider Fallbrook and give us a call to let us start working for YOU!
