What’s the Value of My Carlsbad Home?
Carlsbad Market Report for December 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 or 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 December 2018 there were 87 Carlsbad homes sold (92008, 92009, 92010 and 92011), down by 19% from November! Here’s what happened:
Detached Homes Sold
56 (down 19%), 45 DOM; Ave. Sale price $1,056,227 (down 6%), Ave. sale price 95% of asking price,
Attached Homes (condos, town homes, twin homes) Sold
31 (down 21%); 39 DOM, Ave. Sale price $641,583 (up 13%), Ave. sale price 98% of asking price
Carlsbad home sales in December decreased significantly from November, for both detached and attached homes, not a big surprise given the holiday season. Average sales prices decreased modestly for detached homes but increased for attached homes. Compared to December 2017, detached home sales were down by 31%, and were down by 31% for attached homes. Average prices year over year rose by 3% for detached homes, and increased by 4% for attached homes compared to 1 year ago.
23% of the transactions were cash buyers (versus 18% last month)
Average time on market (DOM) increased modestly for detached homes and attached homes (e.g., condos, town homes).
Buyers, on average, were able to negotiate 2 - 4% off the asking price; but at the same time 20% of the buyers paid asking price or better for their homes.
The median sales price for detached homes was $1,018,500 (down 3%), and $590,000 for attached, up 13% from November.
There were 4 homes in Carlsbad at the end of December with a CONTINGENT status, compared to 3 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. 3 of these homes are in a “first right of refusal” stage due to contingent offers, 1 is a short sale.
There were 250 Carlsbad homes for sale at the end of December, a substantial decrease, by 33% from last month, but substantially more inventory that we saw at the end of December in 2017.
This represents an inventory of 2.3 months for attached homes (down from 3 months last month) and 2.1 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 very strong sellers’ market based on current inventory and buyer demand.
In December 91 new listings came on the market, down 40% from last month and not surprising given the holidays but more than we saw hitting the market in December 2017. The number of homes going pending in December (excluding those homes that closed), 88, did not shift 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 specific 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 2019.