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Carlsbad Market Report for October 2017
The Carlsbad real estate market continues to change, and the statistics for October show 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 benefits you as a buyer or seller so you can make informed purchase and sale decisions about Carlsbad homes for sale.
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In October 2017 there were 139 Carlsbad homes sold (92008, 92009, 92010 and 92011), up by 2% from September. Here’s what happened:
TOTAL HOMES SOLD
139 (up 2%), 31 DOM; Ave. Sale price $906,902 (up 8%), Ave. sale price 97% of asking price
Detached Homes Sold
100 (up 32%), 32 DOM; Ave. Sale price $1,015,856 (up 2%), Ave. sale, price 97% of asking price,
Attached Homes Sold
39 (down 65%); 29 DOM, Ave. Sale price $627,533 (down 3%), Ave. sale price 98% of asking price
The overall number of Carlsbad home sales in October increased modestly from September, with a big jump in detached single family home sale but a decline in attached. Average sales prices rose for detached homes but decreased for attached compared to last month. Compared to October 2016, detached home sales were up by 3% but lower, by 40% for attached homes. Average prices year over year rose by 14% for detached homes, and increased by 11% for attached homes from October 2016.
19% of the transactions were cash buyers (versus 17% last month)
Average time on market (DOM) rose for attached homes but was the same for detached homes as last month, and remains at around 1 month or less.
Buyers, on average, are getting their homes for 2 - 3% off the asking price; however, 27% of the homes sold at and above the list price
The median sales price for detached homes was $988,305 (up 10% from last month), and $549,000 for attached (down 9%)
There were 6 properties (3% of the total) in Carlsbad at the end of October with the CONTINGENT status, compared to 8 last month (i.e., for the most part these are homes with offers being reviewed for approval by short sale and REO lenders). These homes are technically still available but some listings may not allow more showings or be accepting more offers.
There were 229 Carlsbad homes for sale at the end of October, a decrease by 11% from last month. This represents an inventory of 1.4 months for attached homes (up from 1.3 months last month) and 1.3 months for detached (down from 1.5 months last month) based on the current rate of sales over the last 6 months. The real estate market in Carlsbad continues to be very competitive for buyers, and remains a very strong sellers’ market.
In October 154 new listings came on the market, which is 9% fewer than in September. The number of homes going pending in October (excluding those homes that closed), 133, however, increased by 10% from last month.
This overview of the Carlsbad real estate market is based on information provided by the MLS. More details can be provided with regard to current activity as well as within the specific zip codes, and neighborhoods, of Carlsbad.