What’s the Value of My Carlsbad Home?
Carlsbad Real Estate Market Report for November 2018
The Carlsbad real estate market continues to change, with several shifts from last month and 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 November 2018 there were 108 Carlsbad homes sold (92008, 92009, 92010 and 92011), down by 26% from October! Here’s what happened:
Detached Homes Sold
69 (down 21%), 36 DOM; Ave. Sale price $1,126,299 (down 3%), Ave. sale price 96% of asking price,
Attached Homes (condos, town homes, twin homes) Sold
39 (down 34%); 36 DOM, Ave. Sale price $568,894 (down 4%), Ave. sale price 96% of asking price
Carlsbad home sales in November decreased significantly from October, for both detached and attached homes. Average sales prices decreased modestly for both detached homes and attached homes. Compared to November 2017, detached home sales were down by 19%, and were down by 26% for attached homes.
However, average prices year over year rose by 12% for detached homes, and increased by 7% for attached homes.
18% of the transactions were cash buyers (versus 20% last month)
Average time on market (DOM) increased modestly for detached homes but rose for attached homes (e.g., condos, town homes) and remains just a little over 1 month.
Buyers, on average, were able to negotiate 4% off the asking price; but at the same time 23% of the buyers paid asking price or better.
The median sales price for detached homes was $1,048,000 (up 6%), and $525,000 for attached, down 2% from October.
There were 3 homes in Carlsbad at the end of November 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 but some are first right of refusals due to contigent offers). Contingent homes are technically still available but some listings may not allow more showings or accepting offers. 2 of these homes are in a “first right of refusal” stage, and 1 is a short sale.
There were 374 Carlsbad homes for sale at the end of November, another decrease, by 6% from last month, but substantially more inventory than we saw at the end of November in 2017.
This represents an inventory of 3 months for attached homes (up from 2.8 months last month) and 2.8 months for detached (up from 2.7 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 based on current inventory and buyer demand.
In November 151 new listings came on the market, down 19% from last month and not surprising given the holiday season. Similarly the number of homes going pending in November (excluding those homes that closed), 88, decreased by 11% 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.