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Carlsbad Market Report for January 2018
The Carlsbad real estate market continues to change, and the statistics for January 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 January 2018 there were 89 Carlsbad homes sold (92008, 92009, 92010 and 92011), down by 21% from December. Here’s what happened:
TOTAL HOMES SOLD
89 (down 21%), 28 DOM; Ave. Sale price $891,021 (up 3%), Ave. sale price 96% of asking price
Detached Homes Sold
58 (down 22%), 27 DOM; Ave. Sale price $1,038,861 (up 5%), Ave. sale, price 97% of asking price
Attached Homes Sold
31 (down 18%); 31 DOM, Ave. Sale price $614,417 (down 2%), Ave. sale price 95% of asking price
The overall number of Carlsbad home sales in January decreased from December, the 2nd decline, with a drop in both detached single family home sales and attached home sales. Average sales prices increased modestly for detached homes, but decreased for attached homes compared to last month.
Compared to January 2016, detached home sales were down by 12%, and were down 26% for attached homes. However, average prices year over year rose by 10% for detached homes, and increased by 15% for attached homes compared to January 2016.
22% of the transactions were cash buyers (versus 26% last month)
Average time on market (DOM) dropped for both attached and detached single family homes compared to last month.
Buyers, on average, are getting their homes for 3 - 5% off the asking price; however, 38% of the homes sold at and above the list price (a number of these were new construction).
The median sales price for detached homes was $945,000 (up 5% from last month), and $530,000 for attached (down 1%).
There were no properties in Carlsbad at the end of January with the CONTINGENT status, versus 2 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 160 Carlsbad homes for sale at the end of January, a significant increase by 20% from last month and some good news for buyers. This represents an inventory of only 1.3 months for attached homes (up from 1.1 months last month) and 1.5 months for detached (up from 1 month last month) based on the current rate of sales over the last 3 months. The real estate market in Carlsbad continues to be very competitive for buyers, and remains a very strong sellers’ market.
In January 171 new listings came on the market, more than double the number in December (up 138%). The number of homes going pending in January (excluding those homes that closed), 117, also increased, by 44%, 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 the specific zip codes, and neighborhoods, of Carlsbad. Please contact me at (760) 840-1360 so we can discuss your housing needs, whether buying or selling, and any questions you have.