What’s the Value of My Carlsbad Home?
Carlsbad Real Estate Market Report for March 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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127 homes sold in Carlsbad in March (92008, 92009, 92010 and 92011), 15% more than February. Here’s what happened:
Detached Homes Sold
64 (down 4%); 17 Days on Market, Average Sales price was $1,158,845 (up 2%), Average sales price was 99% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
63 (up 47%); 27 Days on Market, Average Sales price was $729,144 (up 95%), Average sales price was 98% of original asking price
Overall Carlsbad home sales in March increased from February, with a modest decline in detached single family home sales but a huge jump in sales of attached homes. The average sales price was higher for detached single family homes as well as for attached properties.
Compared to March 1 year ago, detached home sales were down by 12%, while there were 19% more attached home sales. The average sales price year over year was 8% higher for attached homes, but about the same for detached homes.
19% of the transactions were cash buyers (as compared to 24% last month).
Average time on market (DOM) was substantially 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 1 - 2% off the original asking price. However, 50% of the home buyers paid asking price or better for their homes, no doubt an indication of the competition in the market.
The median sales price for detached homes was $1,077,500, about the same as last month, and $587,000 for attached homes, which was also about the same.
There were 8 homes in Carlsbad at the end of February with a Contingent status, versus 5 last month. Contingent homes are technically still available but some listings may not allow more showings or accept back-up offers. 6 appear to be in a “first right of refusal” stage, with 2 short sales awaiting lender approval as they were in February.
There were 258 Carlsbad homes for sale at the end of March, ranging in price from $339,000 to $9,200,000, which is 17% more than last month, and good news for buyers after months of declining inventory.
Current inventory is about 2.5 months for attached homes (up from 2.2 months last month) and 2.2 months for detached (up from 1.7 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.
In March 193 new listings came on the market, 5% more than last month. 104 homes went pending (excluding homes that closed), a substantial decrease by 23% from last month but still more than 3 per 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 Stay-at-Home Order that impact home purchases and sales 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, 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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