What’s the Value of My Carlsbad Home?
Carlsbad Market Report for September 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.
READ MORE ABOUT CARLSBAD
In September 2018 there were 105 Carlsbad homes sold (92008, 92009, 92010 and 92011), down 30% from August! Here’s what happened:
TOTAL HOMES SOLD
105 (down 30%), 33 DOM; Ave. Sale price $964,623 (down 3%), Ave. sale price 95% of asking price
Detached Homes Sold
67 (down 34/%), 32 DOM; Ave. Sale price $1,134,391 (down 4%), Ave. sale price 95% of asking price,
Attached Homes (condos, town homes, twin homes) Sold
38 (down 21%); 35 DOM, Ave. Sale price $665,295 (up 11%), Ave. sale price 96% of asking price
Carlsbad home sales in September decreased significantly from August, especially for detached homes. Average sales prices decreased for detached homes but went up for attached homes. Compared to September 2017, detached home sales were down by 24%, and were down 42% for attached homes. Average prices year over year rose by 14% for detached homes, and increased by 2% for attached homes compared to 1 year ago.
18% of the transactions were cash buyers (versus 23% last month)
Average time on market (DOM) increased modestly for both detached homes and attached homes (e.g., condos, town homes) but remains just a little over 1 month.
Buyers, on average, purchased their homes for 4 - 5% off the asking price; however, 31% of the homes sold at or above the list price (some of these were new construction).
The median sales price for detached homes was $1,055,000 (no change over the last 2 months), and $574,500 for attached, up 11% from August.
There were 5 homes in Carlsbad at the end of September with a CONTINGENT status, compared to 6 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. 4 of these homes are in a “first right of refusal” stage due to contingent offers, and are not short sales or REOs; 1 is a foreclosure.
There were 428 Carlsbad homes for sale at the end of September, another increase, by 4% from last month, and more good news for buyers.
This represents an inventory of 3.5 months for attached homes (up from 3 months last month) and 2.8 months for detached (up from 2.3 months 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 September 222 new listings came on the market, just about the same as last month. In contrast the number of homes going pending in September (excluding those homes that closed), 132, increased, by 14%, 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 budget, and any questions you have so we can create a strategy to get you into a new Carlsbad home in 2018.