Here’s what happened in the Carlsbad housing market in October 2018 as compared to September.
A total of 146 Carlsbad homes sold in Carlsbad’s 4 zip codes (92008, 92009, 92010 and 92011), up 39% from September!
Detached Homes Sold – 87 (up 30%), 39 Days on Market (DOM); Average Sale price $1,158,121 (up 2%), Average sale price was 96% of asking price
Attached Homes (condos, town homes, twin homes) Sold – 59 (up 55%); 31 DOM, Average Sale price $593,630 (down 11%), Average sale price was 97% of asking price
Carlsbad home sales in October increased significantly from September, especially for attached homes. Average sales prices increased for detached homes but dropped for attached homes. Compared to October 2017, detached home sales were down by 19%, but were up by 44% for attached homes. Average prices year over year rose by 14% for detached homes, but decreased by 4% for attached homes.
20% of the transactions were cash buyers; average time on market (DOM) increased modestly for detached homes but dropped slightly for attached homes.
Buyers purchased their homes on average for 3 – 4% off the asking price, however, 23% of the homes sold at or above the list price.
The median sales price for detached homes was $989,000 (down 6%), and $535,000 for attached, (down 7%).
There were 374 Carlsbad homes for sale at the end of October, a significant decrease by 13% from last month. This was the first decline in inventory in several months.
At the end of October Carlsbad had an inventory of 2.8 months for attached homes and 2.7 months for detached, based on the current rate of sales over the last 3 months. The real estate market in Carlsbad remains a strong sellers’ market.
In October 186 new listings came on the market, which was down 14% from last month. The number of homes going pending in October (excluding homes that closed), 99, also decreased, by 25%, from last month.
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 within neighborhoods of Carlsbad that interest you. Please contact me at (760) 840-1360 so we can discuss your housing needs and budget, and any questions you have so we can create a strategy to get you into a new Carlsbad home in 2018.