What’s the Value of My Carlsbad Home?
Carlsbad Market Report for April 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.
If you are thinking about buying a home now or in the near future, you should read 8 Things to Know about Buying a Home in the Pandemic for some important information you should be aware of and think about.
READ MORE ABOUT CARLSBAD
106 homes sold in Carlsbad in April (92008, 92009, 92010 and 92011), 17% fewer than in March. Here’s what happened:
Detached Homes Sold
69 (up 8%); 22 Days on Market, Average Sales price was $1,136,061 (down 2%), Average sales price was 99% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
37 (down 41%); 22 Days on Market, Average Sales price was $732,094 (no change), Average sales price was 98% of original asking price
Overall Carlsbad home sales in April decreased from March, but with a modest increase in detached single family home sales in contrast to far fewer sales of attached homes. The average sales price was slightly lower for detached single family homes but did not shift for attached properties.
Compared to April 2019, detached home sales were down by 31%, while there were 34% fewer attached home sales. The average sales price year over year was 27% higher for attached homes, and up 2% for detached homes.
13% of the transactions were cash buyers (versus 19% last month).
Average time on market (DOM) was longer for detached homes but shorter for attached homes compared to last month, and only about 3 weeks.
Carlsbad buyers, on average, were able to negotiate the purchase of their homes for 1 - 2% off the original asking price. However, over half of the home buyers (56%) paid asking price or better for their homes, a good indication of the competition in the market.
The median sales price for detached homes was $1,115,000, up 3% from last month (and up 8% from 1 year ago), and $630,000 for attached homes, also higher than last month by 7% (and up from 1 year ago by 11%).
There were 11 homes in Carlsbad at the end of February with a Contingent status, versus 8 last month. Contingent homes are technically still available but some listings may not allow more showings or accept back-up offers. 8 are first right of refusals, with 2 short sales awaiting lender approval, and 1 a probate sale.
There were 277 Carlsbad homes for sale at the end of April, ranging in price from $339,000 to $8,700,000, which is 7% more than last month, despite the pandemic, and good news for buyers and another increase.
Current inventory is about 2.8 months for attached homes (up from 2.5 months last month) and 2.1 months for detached (down from 2.2 months last month) based on the rate of sales over the last 3 months. Carlsbad continues to be a very strong sellers’ market based on current inventory and buyer demand, even in this time of the stay in place order.
In April 143 new listings came on the market, 26% fewer than last month. 104 homes went pending (excluding homes that closed), a substantial decrease by 29% from March, but still more than 2 going pending each day.
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. Then we can create a strategy to get you into a new Carlsbad home in 2020, and/or help you sell your current Carlsbad home.
NOTE: Be aware there are specific CDC recommendations in place to help keep everyone safe, and some new procedures as the result of the Shelter-in-Place (SIP) Order that impacts the purchase and sale process in our area. Much of the real estate transaction is now being done virtually. I am happy to share that information with you and answer any questions about what this means for buyers and sellers during the SIP, and what to expect.