Carlsbad Housing Market for January 2019

During the holidays we saw a slowing of the Carlsbad housing market, but things picked up after they were over, with 99 Carlsbad homes sold in January, an increase in sales by 14% from December!  Here’s what happened:

59 detached single family homes were sold, an increase of 5% from last month. Homes were on the market an average of 49 days. The average sales price was $1,039,750 (down 2%). Homes sold, on average, for 95% of asking price.

A total of 40 attached homes (condos, town homes, twin homes) were sold, up 29% from December sales. Homes were on the market an average of 43 days, and the average sales price was $576,642, a decline by 10% from December’s average. Buyer negotiated, on average, 5% of the asking price.

Thus Carlsbad home sales in January increased significantly from December, a typical trend we see after the holidays. Average sales prices decreased modestly for detached homes and more significantly for attached homes from December.

Compared to 1 year ago, detached single family home sales were down by 2%, but were up by 18% for attached homes. Average sales prices year over year shifted downwards by 1% for detached homes, and decreased by 8% for attached homes compared to 1 year ago.

24% of the transactions January were for cash buyers.

The average marketing time (Days on Market = DOM) increased modestly for detached homes as well as attached homes.

Carlsbad buyers, on average, were able to negotiate 5% off the asking price; at the same time 12% of the buyers paid asking price or better for their homes.

The median sales price for detached homes was $1,018,500 (no change) and $590,000 for attached, up 13% from November.

At the end of January 2019 there were 276 Carlsbad homes for sale (152 detached, 124 attached), an increase by 10% from last month. This is substantially more inventory than we saw in January one year ago which is good news for buyers.

Currently inventory is about 3.4 months for attached homes, and 2.5 months for detached homes, based on the current rate of sales over the last 3 months. The real estate market in Carlsbad remains a strong sellers’ market, and as a result buyers can expect competition and multiple offers on any properties.

In January 197 new listings came on the market, more than double the number in December, and more than we saw hitting the market in January 1 year ago. The number of homes going pending in January (excluding those homes that closed), 119, also rose from December.

This Carlsbad real estate market update is based on information provided by the MLS (private sales are not included). I’m happy to provide more details with regard to current activity as well as within neighborhoods of Carlsbad that are of interest.

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 strategy to get you into a new Carlsbad home, or nearby, in 2019.