Fallbrook Real Estate Market Report for May 2017
Fallbrook is an inland community with lots of rural space, located adjacent to Oceanside, Bonsall and Escondido. And they have a very cool library with a garden on the roof - check it out:
You can read more about Fallbrook here, and all that it has to offer – a broad mix of homes including rural housing with views (see below), a quaint downtown (but no "big box" shopping), and the Avocado Festival!
The Fallbrook housing market continues to shift each month, as we are seeing in other nearby communities. These data do not include private sales or manufactured housing; the numbers are derived from the MLS and are believed to be accurate at the time this report was published, but are not guaranteed. Having details about local market conditions benefits buyers and sellers so they can make informed decisions about buying and selling.
Here we look at the statistics as compared to April, and May of 2016.
TOTAL HOMES SOLD – 89 (down 13%); Average of 40 Days on Market, Average Sales Price $617,038 (up 2%); Average sale was 98% of asking price
Detached Homes Sold - 87 (down 7%), 40 Days on Market, Average Sales Price $931,061 (down 2%); Average sale 98% of asking price
Attached Homes Sold - 2 (down 75%), 21 Days on Market, Average Sales Price $398,500 (up 60%); Average sale 99% of asking price
The overall sales volume in May decreased from April, with a decline in detached home sales but a significant drop for attached homes (condos, town homes and twin homes). Compared to May 2016, sales were down 12% for both detached and attached homes. Average sales prices in May 2017, however, were up by 12% over 1 year ago for detached homes, and 20% for attached homes.
16% of the transactions were for cash. While buyers negotiated their asking prices on average 1 - 2%, it’s important to note that 43% of the homes sold at or above asking price, no doubt a number of these were in multiple offer situations.
There were 319 homes (307 detached, 12 attached) available for sale in Fallbrook at the end of May. Prices range from $249,000 to $4,950,000 (for a 49+ acre avocado ranch and estate) for detached properties, and $195,000 to $470,000 for attached.
As in other communities the inventory in Fallbrook is low. Currently we have about 2.3 months of inventory for attached homes, and 4.2 months for detached homes, based on the current rate of sales over the last 6 months. The Fallbrook real estate market continues to be competitive for buyers, and is a seller’s market based on supply and demand for detached homes, but a strong seller’s market for attached home buyers.
In May 2017 we saw 165 new listings come on the MLS; only 1 of these was an attached property.
If you would like more detailed information about the housing market in Fallbrook, please let me know. If you have a home you are considering selling I would be happy to discuss your needs, the current value, and a marketing plan with you and answer any questions you have. Please contact me at (760) 840-1360 and we’ll set a time to meet and plan a strategy!
Interested in buying a home in Fallbrook? You can look at all Fallbrook homes for sale using the link below. Or contact me for a customized list of homes that fit your needs and budget!
SEARCH FOR FALLBROOK HOMES FOR SALE
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