Carlsbad Housing Market Report – May 2018

The housing market in Carlsbad continues to change, with several shifts from last month and from 1 year ago. Here’s what happened:

137 total homes sold, down 14% from April. The average sales price was $918,212 (down 1%); homes sold on average for 97% of asking price

81 detached single family homes were sold, 24% fewer than in April. The average sales price was $1,109,693 (up 1%); homes sold, on average, for 97% of asking price.

56 attached homes (condos, town homes, twin homes) were sold, 4% more than last month, at an average price of $641,250 (up 10%), at 97% of list price on average.

Compared to May 2017, detached home sales were down by 35%, and by 21% for attached homes. Average prices year over year rose slightly by 1% for detached homes, but rose by 14% for attached homes compared to 1 year ago.

1 out of 5 buyers in May (21%) was a cash buyer.

Average time on market (DOM) increased modestly for detached homes to 33 days, and declined for attached properties (e.g., condos, town homes) to a little over 2 weeks.

While home buyers, on average, purchased their homes for 3% off the asking price, almost half of the homes (49%) sold at or above the list price (some of these were new construction).

The median sales price for detached homes was $975,000 (down 1% from last month), and $570,000 for attached (down 5% from April).

There were 312 Carlsbad homes for sale at the end of May, another significant increase in inventory, by 15% from last month and more good news for buyers; inventory was up 16% over 1 year ago.

We currently have about 2.6 months of inventory for attached homes (up from 1.9 months last month) and 2.6 months for detached (up from 1.6 months last month) based on the current rate of sales over the last month. The real estate market in Carlsbad remains a very strong sellers’ market. Want to know what this means for you as a buyer or seller? Let’s talk.

This overview of the Carlsbad real estate market is based on information from the MLS. I’m happy to provide more details with regard to current activity as well as within specific Carlsbad neighborhoods that interest you. Please contact me at (760) 840-1360 so we can discuss your housing needs, and any questions you have so we can create a strategy to help you purchase a new Carlsbad home in 2018.

And if you are interested in selling your home, let’s talk about the local market conditions and the market value, and develop a plan to help you sell your Carlsbad home quickly and for top dollar. Here is a brief summary of the services I provide to home sellers.