What a difference a few years can make. In our 2011 story, posted during the depths of the national housing downturn, we commented on the relative strength of the real estate market in Fallbrook and Bonsall (see original story here). At that time, these two communities were fairing better than some other local markets. Fallbrook and Bonsall had fewer distress properties than most surrounding communities. It was a “silver lining” story at a time when we needed some good news. But in hindsight, we were still suffering through tough times. That’s made all the more obvious when we compare the 2011 market to today.
Compared to February 2011, three years ago to the month, there has been a 78 percent decrease in the number of short sale and foreclosed/bank owned properties for sale in the combined Fallbrook and Bonsall market. This time in 2011, there were 83 short-sale or foreclosure properties on the market in the 92028 and 92003 zip codes. Today that number has plummeted to just 18 homes.
Beyond the distressed housing statistics, it’s worth noting that general inventory is tight today overall. MLS listed properties are down 40% from 2011 levels — a dramatic drop in local homes available for purchase. For property owners thinking about selling, the trend towards tighter inventory helps support higher prices.
For complete background data on current market conditions, download the HomeDex North San Diego County Home Market Report for February 2014 here.
Fallbrook Bonsall Distress Property Market Snapshot
As of this publishing date in early February 2014, there are approximately 18 distressed properties listed for sale in the Bonsall and Fallbrook zip codes of 92003 and 92028. This is a dramatic drop in total numbers of distressed listings — down almost 80% from this same time 36 months ago.