What’s the Value of My Carlsbad Home?
Carlsbad Market Report for March 2019
The Carlsbad real estate market continues to change, with several shifts from last month and 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 not about the local Carlsbad housing market. Current data, and knowledge, about the local market conditions benefit you so you can make informed purchase and sale decisions about Carlsbad homes for sale.
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Since the 1st of the year housing has picked up, with 121 total Carlsbad homes sold (92008, 92009, 92010 and 92011), up by 7% from February, the 3rd increase since the holidays! Here’s what happened:
Detached Homes Sold
73 (up 4%); 33 Days on Market, Average Sale price $1,161,635 (up 15%), Average sale price 99% of original asking price,
Attached Homes (condos, town homes, twin homes) Sold
48 (up 9%); 39 DOM, Average Sale price $681,984 (up 7%), Average sale price 96% of original asking price
Carlsbad home sales in March increased from February. Average sales prices increased for both detached homes and attached homes; the significant bump in detached home prices is, in part, due to the sale of 1 home for over $7M which raised the average significantly. Compared to March 2018, detached home sales were down by 9%, but were up 20% for attached homes. Average prices year over year shifted down by 1% for detached homes, but increased by 19% for attached homes compared to 1 year ago.
18% of the transactions were cash buyers (versus 17% last month)
Average time on market (DOM) decreased for detached homes but did not shift for attached homes (e.g., condos, town homes).
Carlsbad buyers, on average, were able to buy their homes for 1 - 4% off the original asking price; but at the same time 35% of the buyers paid asking price or better for their homes.
The median sales price for detached homes was $1,025,000 (up 15%) and $569,500 for attached, up 11% from February.
There were 4 homes in Carlsbad at the end of March with a CONTINGENT status, the same as last month (i.e., some of these are homes with offers being reviewed for approval by short sale and REO lenders). Contingent homes are technically still available but some listings may not allow more showings or accept more offers. 3 of these homes are in a “first right of refusal” stage due to contingent offers being accepted, 1 is a short sale.
There were 356 Carlsbad homes for sale (216 detached, 140 attached) at the end of March, an increase by 29% from last month, the 3rd consecutive inventory increase. This is substantially more inventory than one year ago, which is good news for buyers, and a 42% increase since the end of December.
Current inventory is about 3.1 months for attached homes (down from 3.4 months last month) and 3.1 months for detached (up from 2.9 months last month) based on the current rate of sales over the last 3 months. Carlsbad remains a strong sellers’ market based on current inventory and buyer demand – buyers can expect competition and multiple offers on many properties, despite the increased inventory given the strong demand.
In March 240 new listings came on the market, a significant increase from last month (194). The number of homes going pending in March (excluding those homes that closed), 133, was also up, by 25%, from February.
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.
Please contact me at (760) 840-1360 so we can discuss your housing needs, lifestyle and budget, and any questions you have, so we can create a strategy to get you into a new Carlsbad home in 2019.
Here's what happened with Average and Median Prices for Detached and Attached homes in Carlsbad for the last year.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market conditions, or assist you, friends or family in a purchase or sale, please contact my mobile office or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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