What’s the Value of My Carlsbad Home?
Carlsbad Market Report for May 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 reflect 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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80 homes sold in Carlsbad in May (92008, 92009, 92010 and 92011), 25% fewer than in April. Here’s what happened:
Detached Homes Sold
49 (down 29%); 25 Days on Market, Average Sales price was $1,187,743 (up 4%), Average sales price was 98% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
31 (down 16%); 25 Days on Market, Average Sales price was $623,915 (down 15%), Average sales price was 98% of original asking price
Overall Carlsbad home sales in May decreased from April following a decline from March. The average sales price was modestly higher for detached single family homes but dropped for attached properties.
Compared to May 2019, detached home sales were down by 48%, while there were 47% fewer attached home sales. In contrast, the average sales price year over year was 4% higher for attached homes, and was up 8% for detached homes.
13% of the May transactions were cash buyers, the same as last month.
While the average time on market (DOM) was 3 days longer for both detached and attached homes, it remained at less than 4 weeks. 40% of the homes went pending in 1 week or less, and clearly many buyers made decisions quickly.
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 (45%) paid asking price or better for their homes, a good indication of competition in the current market, despite the pandemic.
The median sales price for detached homes was $1,175,000, up 5% from last month, and $625,000 for attached homes, down 1% from April.
There were 9 homes in Carlsbad at the end of February with a Contingent status, versus 11 last month. Contingent homes are technically still available but some of these listings may not allow more showings or accept back-up offers. 8 are first right of refusals, with 1 short sale awaiting lender approval.
There were 287 Carlsbad homes for sale at the end of May, ranging in price from $339,000 to $8,700,000, which is a 4% increase from last month, yet another improvement, and good news for buyers, despite the pandemic.
Current inventory is about 2.8 months for attached homes (the same as last month) and 2.6 months for detached (up from 2.1 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 May 218 new listings came on the market, 52% more than last month, and the most new listings in a month since July 2019. 167 homes went pending (excluding homes that closed), a substantial increase by 61% from April, and the most pendings we have seen in one 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 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 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.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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