What’s the Value of My Carlsbad Home?
Carlsbad Real Estate Market Report January 2019
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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After the holidays things picked up in January, with 99 Carlsbad homes sold (92008, 92009, 92010 and 92011), an increase in sales by 14% from December! Here’s what happened:
Detached Homes Sold
59 (up 5%), 49 DOM; Ave. Sale price $1,039,750 (down 2%), Ave. sale price 95% of asking price,
Attached Homes (condos, town homes, twin homes) Sold
40 (up 29%); 43 DOM, Ave. Sale price $576,642 (down 10%), Ave. sale price 95% of asking price
Carlsbad home sales in January increased significantly from December. Average sales prices decreased modestly for detached homes and more significantly for attached homes. Compared to January 2018, detached home sales were down by 2%, but were up by 18% for attached homes. Average prices year over year shifted down by 1% for detached homes, but decreased by 8% for attached homes compared to 1 year ago.
24% of the transactions were cash buyers (versus 23% last month)
Average time on market (DOM) increased modestly for detached homes and attached homes (e.g., condos, town homes).
Carlsbad buyers, on average, were able to negotiate 5% off the asking price; but at the same time 12% of the buyers paid asking price or better for their homes.
The median sales price for detached homes was $1,018,500 (no change) and $590,000 for attached, up 13% from November.
There were 8 homes in Carlsbad at the end of January with a CONTINGENT status, compared to 4 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. 6 of these homes are in a “first right of refusal” stage due to contingent offers being accepted, 2 are short sales.
There were 276 Carlsbad homes for sale (152 detached, 124 attached) at the end of January, an increase by 10% from last month following a significant drop in December. This is also substantially more inventory than we saw one year ago which is good news for buyers.
Current inventory is about 3.4 months for attached homes (up from 2.3 months last month) and 2.5 months for detached (up from 2.1 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 – buyers can expect competition and multiple offers.
In January 197 new listings came on the market, more than double the number in December, and more than we saw hitting the market in January 2018. The number of homes going pending in January (excluding those homes that closed), 119, also rose from December.
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, lifestyle and budget, and any questions you have so we can create a strategy to get you into a new Carlsbad home in 2019.