What’s the Value of My Carlsbad Home?
Carlsbad Market Report for February 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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114 Carlsbad homes sold (92008, 92009, 92010 and 92011), up by 15% from January, the second increase since the holidays! Here’s what happened:
Detached Homes Sold
70 (up 19%), 41 DOM; Ave. Sale price $1,007,146 (down 3%), Ave. sale price 97% of asking price,
Attached Homes (condos, town homes, twin homes) Sold
44 (up 10%); 39 DOM, Ave. Sale price $635,350 (up 10%), Ave. sale price 99% of asking price
Carlsbad home sales in February increased significantly from January. Average sales prices decreased slightly for detached homes but rose for attached homes. Compared to February 2018, detached home sales were up by 21%, but were down 6% for attached homes.
Average sales prices shifted down by 12% for detached homes, but increased by 6% for attached homes compared to 1 year ago.
17% of the transactions were cash buyers (versus 24% last month)
Average time on market (DOM) decreased modestly for both detached and attached homes (e.g., condos, town homes).
Carlsbad buyers, on average, were able to negotiate 1 - 3% off the asking price; but at the same time 27% of the buyers paid asking price or better for their homes.
The median sales price for detached homes was $893,200 (down 12%) and $531,900 for attached, down 9% from January.
There were 4 homes in Carlsbad at the end of February with a CONTINGENT status, compared to 8 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. 2 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 (178 detached, 135 attached) at the end of February, an increase by 13% from last month following an increase in January. This is 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 (the same as last month) and 2.9 months for detached (up from 2.5 months last month) based on the current rate of sales over the last 3 months. Carlsbad remains a strong sellers’ market based on current inventory and buyer demand – buyers can expect competition and multiple offers on many properties, even with the increased inventory.
In February 194 new listings came on the market, dropping slightly from last month (197). The number of homes going pending in February (excluding those homes that closed), 106, was down by 11% from January.
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, lifestyle and budget, and any questions you have so we can develop a strategy to get you into a new Carlsbad home in 2019.