What’s the Value of My Carlsbad Home?
Carlsbad Market Report for October 2019
The Carlsbad real estate market continues to change, with several 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 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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140 homes sold in Carlsbad in October (92008, 92009, 92010 and 92011), up by 13% from September following 2 months of sales declines. Here’s what happened:
Detached Homes Sold
84 (up 24%); 38 Days on Market, Average Sale price was $1,094,721 (up 2%), Average sales price was 96% of original asking price
Attached Homes (condos, town homes, twin homes) Sold
56 (no change); 38 DOM, Average Sales price was $650,133 (up 4%), Average sales price was 98% of original asking price
Carlsbad home sales in October rose from September for detached single family homes but did not shift for attached homes. The average sales price was higher for both detached and attached homes.
Compared to October 2018, detached home sales were down by 5%, and there were 10% fewer attached home sales. Average prices year over year also shifted, and were down by 5% for detached homes but higher on average by 7% for attached homes compared to October 2018.
19% of the transactions were cash buyers (versus 13% last month).
Average time on market (DOM) rose slightly for detached homes but was several days less for attached homes than last month.
Carlsbad buyers, on average, were able to negotiate the purchase of their homes for 2 - 4% off the original asking price; but at the same time 26% 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 $1,060,000 (up 9%) and $590,000 for attached, up 4% from September.
There were 8 homes in Carlsbad at the end of October with a CONTINGENT status, compared to 12 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 back-up offers. 7 appear to be in a “first right of refusal” stage with 1 short sale.
There were 287 Carlsbad homes for sale at the end of October, ranging in price from $525,000 to $26,950,000, 13% fewer than last month, another inventory decline.
Current inventory is about 2.3 months for attached homes (down from 2.4 months last month) and 2 months for detached (down from 2.3 months last month) based on the current rate of sales over the last 3 months. Carlsbad remains a very strong sellers’ market based on current inventory and buyer demand.
In October 183 new listings came on the market, just 2% fewer than last month, but still about 6 new listings per day! 117 homes went pending in October (excluding homes that closed), 15% fewer than in September.
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. Then we’ll create a strategy to get you into your new Carlsbad home in 2019, and/or help you sell your current Carlsbad home.
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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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