What’s the Value of My Carlsbad Home?
Carlsbad Real Estate Market Report for May 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 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 May 2018 there were 137 Carlsbad homes sold (92008, 92009, 92010 and 92011), down 14% from April. Here’s what happened:
TOTAL HOMES SOLD
137 (down 14%), 26 DOM; Ave. Sale price $918,212 (down 1%), Ave. sale price 97% of asking price
Detached Homes Sold
81 (down 24%), 33 DOM; Ave. Sale price $1,109,693 (up 1%), Ave. sale, price 97% of asking price,
Attached Homes Sold
56 (up 4%); 16 DOM, Ave. Sale price $641,250 (up 10%), Ave. sale price 97% of asking price
The overall number of Carlsbad home sales in May decreased from April, which had seen a large increase over March sales. Average sales prices decreased only slightly for detached homes but did not shift for attached homes. Compared to May 2017, detached home sales were down by 35%, and were down 21% for attached homes. Average prices year over year rose slightly by 1% for detached homes, but rose by 14% for attached homes compared to 1 year ago.
21% of the transactions were cash buyers (versus 28% last month)
Average time on market (DOM) increased modestly for detached homes and declined for attached properties (e.g., condos, town homes).
Buyers, on average, purchased their homes for 3% off the asking price; however, 49% of the homes sold at or above the list price (some of these were new construction).
The median sales price for detached homes was $975,000 (down 1% from last month), and $567,500 for attached, down 5% from April.
There was 1 home in Carlsbad at the end of May with a CONTINGENT status, compared to 4 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 312 Carlsbad homes for sale at the end of May, another significant increase, by 15% from last month and more good news for buyers, and a strong sign of our spring market; inventory was up 16% over 1 year ago, too. This represents an inventory of 2.6 months for attached homes (up from 1.9 months last month) and 2.6 months for detached (up from 1.6 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 May 273 new listings came on the market, 15% more than in April. The number of homes going pending in May (excluding those homes that closed), 214, decreased by 5% 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 April 2018
