What’s the Value of My Carlsbad Home?
Carlsbad Market Report for February 2020
The Carlsbad real estate market continues to change, with some 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 do not address the local Carlsbad housing market. Current data, and knowledge, about the local market conditions benefit you so you can make well-informed purchase and sale decisions about Carlsbad homes for sale.
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110 homes sold in Carlsbad in February (92008, 92009, 92010 and 92011), 13% more than January. Here’s what happened:
Detached Homes Sold
67 (up 14%); 35 Days on Market, Average Sales price was $1,138,396 (down 3%), Average sales price was 98% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
43 (up 13%); 44 DOM, Average Sales price was $573,883 (down 3%), Average sales price was 98% of original asking price
Overall Carlsbad home sales in February increased from January, as well as for both detached single family homes and attached homes. The average sales price was lower for detached single family homes as well as for attached properties.
Compared to February 2019, detached home sales were down by 11%, while there were 4% fewer attached home sales. The average sales price year over year also shifted, and was 11% higher for detached homes, but 6% lower for attached homes compared to February 2019.
24% of the transactions were cash buyers (versus 9% last month).
Average time on market (DOM) was shorter for both detached and attached homes compared to last month.
Carlsbad buyers, on average, were able to negotiate the purchase of their homes for 2% off the original asking price. However, 33% of the home buyers paid asking price or better for their homes, no doubt an indication of the competition in the market and similar to what we saw in January.
The median sales price for detached homes was $1,080,000, 1% lower than in January, and $589,500 for attached homes, which was 3% lower.
There were 5 homes in Carlsbad at the end of February with a Contingent status, versus 7 last month. Contingent homes are technically still available but some listings may not allow more showings or accept back-up offers. 3 appear to be in a “first right of refusal” stage, with 2 short sales awaiting lender approval.
There were 220 Carlsbad homes for sale at the end of February, ranging in price from $339,000 to $26,950,000, which is 4% more than last month, and while a modest inventory increase still good news for buyers after months of declining supply.
Current inventory is about 2.2 months for attached homes (the same as last month) and 1.7 months for detached (up from 1.5 months last month) based on the current rate of sales over the last 3 months. Carlsbad continues to be a very strong sellers’ market based on current inventory and buyer demand.
In February 184 new listings came on the market, 9% more than last month. 135 homes went pending in February (excluding homes that closed), also a substantial increase, by 23%, 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 for specific neighborhoods of Carlsbad that interest you such as La Costa, Aviara and Bressi Ranch.
Please contact me at (760) 840-1360 to discuss your housing needs, timing, lifestyle and budget, and any questions you have. Then we’ll create a strategy to get you into a new Carlsbad home in 2020, and/or help you sell your current Carlsbad home this year.