What’s the Value of My Carlsbad Home?
Carlsbad Market Report for April 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 April 2018 there were 160 Carlsbad homes sold, up 43% from March. Here’s what happened:
TOTAL HOMES SOLD
160 (up 43%), 25 DOM; Ave. Sale price $927,644 (down 6%), Ave. sale price 98% of asking price
Detached Homes Sold
106 (up 39%), 25 DOM; Ave. Sale price $1,101,957 (down 6%), Ave. sale price 98% of asking price
Attached Homes Sold
54 (up 50%); 24 DOM, Ave. Sale price $585,474 (up 1%), Ave. sale price 98% of asking price
The overall number of Carlsbad home sales in April increased significantly from March, which had also seen a large increase over February sales. Average sales prices decreased modestly for detached and attached homes compared to last month. Compared to April 2017, detached home sales were down by 2%, and were down 25% for attached homes. Average prices year over year did not shift for detached or attached homes compared to April 2017.
28% of the transactions were cash buyers (versus 23% last month)
Average time on market (DOM) decreased slightly for detached homes and for attached properties (e.g., condos, town homes), and remains under 1 month!
Buyers, on average, are getting their homes for 2% off the asking price; however, 47% of the homes sold at or above the list price (some of these were new construction).
The median sales price for detached homes was $987,500 (unchanged from last month), and $599,000 for attached, up by 13% from March.
There were 4 properties in Carlsbad at the end of April with the CONTINGENT status, compared to 1 last month (i.e., in most cases 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 271 Carlsbad homes for sale at the end of April, another significant increase, by 16% from last month and more good news for buyers, and a strong sign of our spring market. This represents an inventory of 1.9 months for attached homes (down from 2.1 months last month) and 1.6 months for detached (down from 2.5 months last month) based on the current rate of sales over the last month. The real estate market in Carlsbad remains a very strong sellers’ market.
In April 238 new listings came on the market, 17% more than in March. The number of homes going pending in April (excluding those homes that closed), 226, also increased, by 38%, 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.