Carlsbad Housing Market Report for March 2020

127 homes sold in Carlsbad in March, 15% more than February, and the second consecutive increase. Here are the details.

Detached Homes Sold – 64 (down 4%) averaging 17 days on the market. The average sales price was $1,158,845 (2% higher), which was 99% of the original asking price on average.

Attached Homes (condos, town homes, twin homes) Sold – 63 (up 47%); 27 days on the market. The average sales price was $729,144 (up 95%), which was 98% of original asking price on average.

Overall Carlsbad home sales increased in March, with a slight decline in detached single family home sales but a large increase in sales of attached homes. The average sales price was higher for detached single family homes sales, and significantly higher for attached homes – no doubt the result of the sale of 5 homes over $1.5M that raised the average.

Detached home sales were down by 12% compared to a year ago, while there were 19% more attached home sales. The average sales price was 8% higher for attached homes, but about the same for detached homes, compared to March 2019.

19% of the sales transactions in March were for cash.

The average time on market (days on market or DOM) was significantly shorter for both detached and attached homes compared to February.

Carlsbad buyers negotiated the purchase of their homes for 1 – 2% off the original asking price on average. At the same time, however, 50% of the home buyers paid asking price or above for their homes, signs of the market competition.

The median sales price for detached homes was $1,077,500, about the same as last month, and $587,000 for attached homes, which was also just about the same as in February.

There were 258 Carlsbad homes for sale at the end of March, priced from $339,000 to $9,200,000, which is 17% more than last month.

Current inventory is about 2.5 months for attached homes and 2.2 months for detached based on the rate of sales over the last 3 months. Carlsbad continues to have a very strong sellers’ market.

In March 193 new listings came on the market, 5% more than last month. 104 homes went pending in March (excluding homes that closed), a substantial decrease, by 23%, 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 for specific neighborhoods of Carlsbad.

Please contact me at (760) 840-1360 to discuss your housing needs, timing, lifestyle, and budget, and any questions you have. Then we can create a strategy to help you buy a new Carlsbad home in 2020, and/or to sell your current Carlsbad home.

NOTE: Keep in mind there are specific CDC recommendations in place to keep everyone as safe as possible, and some new procedures as the result of the Stay-at-Home Order that impact home purchases and sales in our area; much of the real estate transaction process is being done virtually. I am happy to share that information with you and answer any questions about what this means for buyers and sellers, and what you can expect.