What’s the Value of My Carlsbad Home?
Carlsbad Market Report for August 2020
The Carlsbad real estate market continues to change, with some significant shifts from last month and 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 do not reflect our local Carlsbad housing market. Current data, and knowledge, about the local market conditions benefit you so you can make well-informed purchase and sale decisions about Carlsbad homes for sale.
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199 homes sold in Carlsbad in August (92008, 92009, 92010 and 92011), down 5% from July but still a substantial number of sales in a given month in the last 2 years! Here’s what happened:
Detached Homes Sold
134 (up 6%); 21 Days on Market, Average Sales price was $1,156,243 (down 1%), Average sales price was 99% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
65 (down 21%); 24 Days on Market, Average Sales price was $600,754 (down 5%), Average sales price was 98% of original asking price
Overall Carlsbad home sales in August decreased from July, but with a modest increase in detached sale but a substantial decline for attached homes sales. The average sales price was slightly lower for detached single family homes, and modestly lower for attached properties.
Compared to August 2019, detached home sales were up by 58%, while there were 18% more attached home sales. The average sales price year over year was 8% higher for detached homes, but 10% lower for attached homes.
16% of the August transactions were cash buyers, like last month.
The average time on market (DOM) was shorter for detached homes and attached homes compared to July, about 3 weeks. Almost half (49%) of the homes went pending in 1 week or less – obviously many buyers made decisions quickly to see homes and then made successful offers.
Carlsbad buyers, on average, were able to negotiate the purchase of their homes for 1 - 2% off the original asking price. However, about half of the home buyers (48%) paid asking price or better for their homes, a good indicator of the competition happening in the market during the pandemic.
The median sales price for detached homes was $1,100,000, up 1% from last month, and $590,000 for attached homes, down 4%.
There were 6 homes in Carlsbad at the end of August with a Contingent status, versus 8 last month. Contingent homes are technically still available (in some cases they are short sales or REOs) but some of these listings may not allow more showings or accept back-up offers. All are first right of refusals, like last month.
There were 193 Carlsbad homes for sale at the end of August, ranging in price from $330,000 to $26,950,000, which is an 11% decrease from last month; July inventory was also a decrease that had followed several months of increases in the inventory.
Carlsbad’s current inventory is only 1.5 months for attached homes (down from 1.8 months last month) and less than 1 month for detached (down from 1.1 months last month) based on the rate of sales over the last 3 months. Carlsbad continues to be a very strong sellers’ market based on current inventory and buyer demand, even during the pandemic, and became more competitive in August due to supply and demand.
In August 208 new listings came on the market, compared to 216 last month. 176 homes went pending (excluding homes that closed), a decrease by 5% from July but still an average of about 6 listings going pending per day.
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 for specific neighborhoods of Carlsbad that interest you such as La Costa, Aviara and Bressi Ranch.
Please contact me at (760) 840-1360 so we can discuss your housing needs, timing, lifestyle and budget, and any questions. Then we can create a strategy to get you into a new Carlsbad home in 2020, and/or help you sell your current Carlsbad home.
NOTE: Be aware there are specific recommendations in place to help keep everyone safe, and some new procedures that impact the purchase and sales process in our area. I am happy to share that information with you and answer questions about what this means for buyers and sellers during the pandemic, and what to expect.
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Read More:
What’s My Carlsbad Home Worth? Carlsbad Home Sales for July 2020
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