What’s the Value of My Carlsbad Home?
A Big Surprise for Carlsbad Home Sales in June 2020
The Carlsbad real estate market continues to change, with some significant 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 reflect our 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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189 homes sold in Carlsbad in June (92008, 92009, 92010 and 92011), more than double the number of sales in May, and more sales we have seen in 1 month in over 2 years! Here’s what happened:
Detached Homes Sold
123 (up 250%); 25 Days on Market, Average Sales price was $1,143,295 (down 4%), Average sales price was 98% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
66 (up 213%); 41 Days on Market, Average Sales price was $629,434 (no change), Average sales price was 98% of original asking price
Overall Carlsbad home sales in June increased dramatically from May, with more than twice as many detached and attached sales despite the pandemic. The average sales price was modestly lower for detached single family homes but did not shift for attached properties. Sales prices ranged from $325,000 to $2,300,000.
Compared to June 2019, detached home sales were up by 6%, while there were 20% more attached home sales. Similarly, the average sales price year over year was 8% higher for detached homes, and 6% higher for attached homes.
14% of the June transactions were cash buyers, about the same as last month.
The average time on market (DOM) was the same for detached homes, a little over 3 weeks, but was longer for attached homes. 38% of the homes went pending in 1 week or less - clearly many buyers made decisions and moved quickly on offers.
Carlsbad buyers, on average, were able to negotiate the purchase of their homes for 2% off the original asking price. However, almost half of the home buyers (43%) paid asking price or better for their homes, a good indication of the competition in the market, despite the pandemic.
The median sales price for detached homes was $1,075,000, down 9% from last month, and $572,000 for attached homes, down 8%.
There were 12 homes in Carlsbad at the end of June with a Contingent status, versus 9 last month. Contingent homes are technically still available (in some cases they are short sales or REOs) but some of these listings may not allow more showings or accept back-up offers. All are first right of refusals.
There were 264 Carlsbad homes for sale at the end of June, ranging in price from $350,000 to $8,700,000, which is an 8% decrease from last month following several months of increases, but overall still very solid inventory for buyers, despite the pandemic.
Current inventory is about 2.7 months for attached homes (down from 2.8 months last month) but only 1.7 months for detached (down from 2.6 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 during the pandemic.
In June 216 new listings came on the market, about the same as last month (218), which was a huge increase from April. 198 homes went pending (excluding homes that closed), another substantial increase, by 19% from May, and the most pendings we have seen in a month in a very long time.
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 so we can 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 recommendations in place to help keep everyone safe, and some new procedures that impact the purchase and sales process in our area. I am happy to share that information with you and answer questions about what this means for buyers and sellers during the pandemic, and what to expect.