What’s the Value of My Carlsbad Home?
Carlsbad Market Report for March 2018
The Carlsbad real estate market continues to change, with several shifts from last month and from 1 year ago. These data do not include private sales or manufactured/mobile/multi-family housing; the numbers are derived from the MLS and are believed to be accurate at the time they are reported but are not guaranteed.
Media reports speak in general terms, and not about the local Carlsbad housing market. Current data, and knowledge, about the local market conditions benefit you so you can make informed purchase and sale decisions about Carlsbad homes for sale.
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In March 2018 there were 112 Carlsbad homes sold (92008, 92009, 92010 and 92011), up 20% from February. Here’s what happened:
TOTAL HOMES SOLD
112 (up 20%), 28 DOM; Ave. Sale price $982,371 (up 5%), Ave. sale price 99% of asking price
Detached Homes Sold
76 (up 41%), 30 DOM; Ave. Sale price $1,170,895 (no change), Ave. sale, price 98% of asking price,
Attached Homes Sold
36 (down 8%); 22 DOM, Ave. Sale price $582,264 (down 5%), Ave. sale price 99% of asking price
The overall number of Carlsbad home sales in March increased significantly from February, due to a large increase in detached single family home sales since attached home sales declined. Average sales prices increased for detached homes, but declined for attached homes compared to last month.
Compared to March 2017, detached home sales were down by 26%, and were down 42% for attached homes. However, average prices year over year rose by 18% for detached homes, but decreased by 10% for attached homes compared to March 2017.
23% of the transactions were cash buyers (versus 20% last month)
Average time on market (DOM) remained the same for detached homes but dropped to about 3 weeks for attached properties (e.g., condos, town homes).
Buyers, on average, are getting their homes for 1 - 2% off the asking price; however, 44% of the homes sold at or above the list price (some of these were new construction).
The median sales price for detached homes was $985,000 (unchanged from last month), and $532,750 for attached (also unchanged from last month).
There was 1 property in Carlsbad at the end of March with the CONTINGENT status, the same as last month (i.e., typically these are homes with offers being reviewed for approval by short sale and REO lenders). Contingent homes are technically still available but some listings may not allow more showings or be accepting more offers.
There were 234 Carlsbad homes for sale at the end of March, another significant increase, by 21% from last month and more good news for buyers, and a strong sign of our spring market. This represents an inventory of 2.1 months for attached homes (up from 1.6 months last month) and 2.5 months for detached (up from 2.1 months last month) based on the current rate of sales over the last 3 months. The real estate market in Carlsbad remains a very strong sellers’ market.
In March 203 new listings came on the market, 34% more than in February. The number of homes going pending in March (excluding those homes that closed), 164, also increased, by 48%, from last month.
This overview of the Carlsbad real estate market is based on information provided by the MLS. I’m happy to provide more details with regard to current activity as well as within neighborhoods of Carlsbad that interest you.
Please contact me at (760) 840-1360 so we can discuss your housing needs, and any questions you have so we can create a strategy to get you into a new Carlsbad home in 2018.
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Read More:
What’s My Carlsbad Home Worth? Carlsbad Home Sales for February 2018
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