There were 114 Carlsbad homes sold in February, up by 15% from January, and the second increase since the holidays! Here are the highlights:
70 single family detached homes sold (up 19%), on the market an average of 41 days; the average sales price was $1,007,146 (down 3%), and homes sold on average at 97% of asking price.
44 attached homes (condos, town homes, twin homes) sold in February (up 10%); marketing time averaged 39 days. The average sales price was $635,350 (up 10%), and homes sold on average at 99% of asking price
Compared to February 2018, detached home sales were up by 21%, but were down 6% for attached homes. Average prices year over year shifted down by 12% for detached homes, but increased by 6% for attached homes compared to 1 year ago.
17% of the transactions were cash buyers (versus 24% last month)
The average time on the market (Days on Market or DOM) decreased modestly for both detached and attached homes.
On average Carlsbad buyers were able to negotiate 1 – 3% off the asking price on the purchases, but at the same time 27% of the buyers paid asking price or better.
There were 276 Carlsbad homes for sale (178 detached and 135 attached) at the end of February, an increase by 13% from last month and following January’s increase in inventory.
We have about 3.4 months of inventory for attached homes (the same as last month), and 2.9 months for detached (up from 2.5 months last month) based on the current rate of sales over the last 3 months. Carlsbad remains a strong sellers’ market based on current inventory and buyer demand. As a result home buyers can expect competition and multiple offers on many properties, despite the increased inventory.
194 new listings came on the market in February, a slight decrease from the number of new listings in January (197). In contrast the number of homes going pending in February (excluding those homes that closed), 106, was down by 11% from January.
This market report is based on information provided by the MLS and does not include private sales. I’m happy to provide more details with regard to current activity as well as within 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 so we can create a plan that will get you into a new Carlsbad home in 2019.