We saw a big decline in home sales in Carlsbad in September after a couple months of sales increases, along with some other changes. Here are the details:
Detached Homes – 67 homes sold (down 34/% from August), 32 DOM; Average sale price was $1,134,391 (down 4%), Average sale price 95% of asking price
Attached Homes (condos, town homes, twin homes) – 38 homes sold (down 21%); 35 DOM, Average sale price $665,295 (up 11%), Average sale price 96% of asking price
Carlsbad home sales in September decreased significantly from August, especially for detached homes. Average sales prices went down for detached homes but rose for attached homes.
Compared to September 2017, detached home sales were down by 24%, and were 42% fewer for attached homes. Compared to a year ago average prices were 14% higher for detached homes, and 2% more for attached homes.
18% of the transactions were cash buyers (versus 23% last month).
The average time on market (Days on Market – DOM) increased modestly for both detached homes and attached homes but remains just a little over 1 month.
Buyers, on average, were able to negotiate 4 – 5% off the asking price; however, 31% of the homes sold at or above the list price.
The median sales price for detached homes was $1,055,000 (no change from last month), and $574,500 for attached, which was up 11% from August.
There were 428 Carlsbad homes for sale at the end of September, another increase in inventory, by 4% from last month. Inventory is up about 50% for detached single family homes from 1 year ago, and double the inventory for attached homes!
As of this report Carlsbad has an inventory of 3.5 months for attached homes, and 2.8 months for detached, based on the current rate of sales over the last 3 months. Thus the real estate market remains a strong sellers’ market.
In September 222 new listings came on the market, just about the same as last month. In contrast the number of homes going pending in September (excluding those homes that closed), 132, increased, by 14%, 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.
And if you are considering selling your Carlsbad home we should talk soon about the market conditions so we can formulate an effective plan for selling your home quickly and for top dollar.