What’s the Value of My Carlsbad Home?
Carlsbad Market Report for June 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 June 2018 there were 175 Carlsbad homes sold (92008, 92009, 92010 and 92011), up 28% from May! Here’s what happened:
TOTAL HOMES SOLD
175 (up 28%), 26 DOM; Ave. Sale price $971,104 (up 6%), Ave. sale price 98% of asking price
Detached Homes Sold
117 (up 44%), 24 DOM; Ave. Sale price $1,164,357 (up 2%), Ave. sale, price 98% of asking price
Attached Homes (condos, town homes) Sold
58 (up 4%); 31 DOM, Ave. Sale price $641,782 (no change), Ave. sale price 98% of asking price
The overall number of Carlsbad home sales in June increased significantly from May, primarily for detached home sales. Average sales prices increased for detached homes but did not shift for attached homes. Compared to June 2017, detached home sales were down by 17%, and were down 11% for attached homes. Average prices year over year rose by 8% for detached homes, but rose by 14% for attached homes compared to 1 year ago.
28% of the transactions were cash buyers (versus 21% last month)
Average time on market (DOM) decreased modestly for detached homes but went up for attached properties (e.g., condos, town homes).
Buyers, on average, purchased their homes for 2% off the asking price; however, 41% of the homes sold at or above the list price (some of these were new construction).
The median sales price for detached homes was $1,049,000 (up 8% from last month), and $548,750 for attached, down 4% from May.
There were 3 homes in Carlsbad at the end of June with a CONTINGENT status, compared to 1 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 accepting offers.
There were 357 Carlsbad homes for sale at the end of June, another significant increase, by 14% from last month and some more good news for buyers; inventory was up 19% over 1 year ago.
This represents an inventory of 2.2 months for attached homes (down from 2.6 months last month) and 2.2 months for detached (down from 2.6 months last month) based on the current rate of sales over the last month. The real estate market in Carlsbad remains a strong sellers’ market despite the increase in listings since demand remains high.
In June 273 new listings came on the market, 15% more than in May. The number of homes going pending in June (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.