What’s the Value of My Carlsbad Home?
Carlsbad Market Report for October 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 October 2018 there were 146 Carlsbad homes sold (92008, 92009, 92010 and 92011), up by 39% from September! Here’s what happened:
TOTAL HOMES SOLD
146 (up 39%), 36 DOM; Ave. Sale price $930,009 (down 4%), Ave. sale price 96% of asking price
Detached Homes Sold
87 (up 30%), 39 DOM; Ave. Sale price $1,158,121 (up 2%), Ave. sale price 96% of asking price,
Attached Homes (condos, town homes, twin homes) Sold
59 (up 55%); 31 DOM, Ave. Sale price $593,630 (down 11%), Ave. sale price 97% of asking price
Carlsbad home sales in October increased significantly from September, but especially for attached homes. Average sales prices increased for detached homes but went down for attached homes. Compared to October 2017, detached home sales were down by 19%, but in contrast were up by 44% for attached homes. Average prices year over year rose by 14% for detached homes, but decreased by 4% for attached homes compared to 1 year ago.
20% of the transactions were cash buyers (versus 18% last month)
Average time on market (DOM) increased modestly for detached homes but dropped slightly for attached homes (e.g., condos, town homes) but remains just a little over 1 month.
Buyers, on average, purchased their homes for 3 - 4% off the asking price; however, 23% of the homes sold at or above the list price (some of these were new construction).
The median sales price for detached homes was $989,000 (down 6%), and $535,000 for attached, down 7% from September.
There were 2 homes in Carlsbad at the end of October with a CONTINGENT status, compared to 5 last month (i.e., typically these are homes with offers being reviewed for approval by short sale and REO lenders but some are contingent on buyers selling their homes). Contingent homes are technically still available but some listings may not allow more showings or accepting offers. Both of these homes are in a “first right of refusal” stage due to contingent offers, and are not short sales or REOs.
There were 374 Carlsbad homes for sale at the end of October, a significant decrease, by 13% from last month, and the first decline in inventory in several months.
This represents an inventory of 2.8 months for attached homes (down from 3.5 months last month) and 2.7 months for detached (down from 2.8 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 October 186 new listings came on the market, down 14% from last month. Similarly the number of homes going pending in October (excluding those homes that closed), 99, decreased by 25% 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.
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Read More:
What’s My Carlsbad Home Worth? Carlsbad Home Sales for September 2018
