What’s the Value of My Carlsbad Home?
Carlsbad Market Report for August 2018
The Carlsbad real estate market continues to change, with several shifts from last month and 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 August 2018 there were 150 Carlsbad homes sold (92008, 92009, 92010 and 92011), up 5% from July! Here’s what happened:
TOTAL HOMES SOLD
150 (up 5%), 29 DOM; Ave. Sale price $996,560 (up 4%), Ave. sale price 97% of asking price
Detached Homes Sold
102 (up 13%), 29 DOM; Ave. Sale price $1,184,387 (up 4%), Ave. sale, price 96% of asking price,
Attached Homes (condos, town homes, twin homes) Sold
48 (down 9%); 31 DOM, Ave. Sale price $597,428 (down 9%), Ave. sale price 98% of asking price
Carlsbad home sales in August increased modestly from July, with more detached homes sold but fewer attached. Average sales prices increased for detached homes but dropped for attached homes. Compared to August 2017, detached home sales were down by 4%, and were down 30% for attached homes. Average prices year over year rose by 13% for detached homes, and rose by 11% for attached homes compared to 1 year ago.
23% of the transactions were cash buyers (versus 25% last month)
Average time on market (DOM) decreased slightly for detached homes but increased for attached properties (e.g., condos, town homes) but remains at around 1 month.
Buyers, on average, purchased their homes for 2 - 4% off the asking price; however, 27% of the homes sold at or above the list price (some of these were new construction).
The median sales price for detached homes was $1,050,000 (no change from last month), and $574,500 for attached, no change from July.
There were 6 homes in Carlsbad at the end of August with a CONTINGENT status, compared to 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 accepting offers. Several of these homes are in a “first right of refusal” stage due to contingent offers, and are not short sales or REOs; one home requires court approval.
There were 411 Carlsbad homes for sale at the end of August, another significant increase, by 11% from last month, and some more good news for buyers; inventory was up 35% over 1 year ago.
This represents an inventory of 3 months for attached homes (up from 2.6 months last month) and 2.3 months for detached (the same as last month) based on the current rate of sales over the last 3 months. The real estate market in Carlsbad remains a strong sellers’ market.
In August 222 new listings came on the market, 12% fewer than in July. The number of homes going pending in August (excluding those homes that closed), 116, also decreased, by 17%, 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.