What’s the Value of My Carlsbad Home?
Carlsbad Market Report for May 2019
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.
READ MORE ABOUT CARLSBAD
150 homes sold in Carlsbad in May (92008, 92009, 92010 and 92011), compared to 152 in April. Here’s what happened:
Detached Homes Sold
93 (down 5%); 27 Days on Market, Average Sale price $1,101,505 (down 1%), Average sales price 97% of original asking price,
Attached Homes (condos, town homes, twin homes) Sold
57 (up 6%); 26 DOM, Average Sales price $601,994 (up 2%), Average sale price 98% of original asking price
Carlsbad home sales in May dropped slightly overall from April, with a decline in detached home sales but with more sales of attached homes. Average sales prices decreased slightly for detached homes but went up slightly for attached homes.
Compared to May 2018, detached home sales were up by 7%, but down 5% for attached homes. Average prices year over year also shifted, and were down by 1% for detached homes, and by 5% for attached homes.
19% of the transactions were cash buyers (versus 25% last month)
Average time on market (DOM) dropped for both detached and attached homes and is less than 1 month.
Carlsbad buyers, on average, were able to buy their homes for 2 - 3% off the original asking price; but at the same time 29% of the home buyers in Carlsbad paid asking price or better for their homes a likely indication of competition and multiple offers.
The median sales price for detached homes was $1,015,000 (down 2%) and $540,000 for attached, down 6% from April.
There were 10 homes in Carlsbad at the end of May with a CONTINGENT status, the same as last month (i.e., some of 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 accept back-up offers. All 10 appear to be in a “first right of refusal” stage due to contingent offers being accepted.c
There were 348 Carlsbad homes for sale (211 detached, 137 attached) at the end of May, a slight decrease by 1% from last month, the second decline in inventory. This is still substantially more inventory than one year ago which is good news for buyers.
Current inventory is about 2.5 months for attached homes (down from 2.7 months last month) and 2.4 months for detached (down from 2.6 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, despite the increased inventory given the strong demand.
In May 243 new listings came on the market, 3% more than last month. Similarly the number of homes going pending in May (excluding homes that closed), 156, was 11% more than in April.
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 for 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. We can then create a strategy to get you into a new Carlsbad home in 2019.