The housing market in Carlsbad continues to favor sellers, with low inventory, although it is increasing. Here’s a summary of what happened in February 2018, based on data from the MLS (private sales are not included).
A total of 93 Carlsbad homes sold, up 4% from January sales, and on the market an average of 28 days. The average sales price was $937,811 (up 5% from January). Homes sold for an average of 98% of the asking price.
39 attached homes sold (condos, town homes), up 26% from January. Homes were on the market on average 26 days, selling for 98% of asking, with an average price of $614,564 (no change from January).
Compared to February 2017, detached home sales were down by 7%, and attached homes were down 22%. However, average prices year over year rose by 21% for detached homes, and by 19% for attached homes.
20% of the February home sales were cash buyers as compared to 22% in January.
Buyers were able to negotiate their home prices down an average of 2% from the asking price; however, 46% of the homes sold at and above the list price, and no doubt with competing offers.
Inventory rose significantly in February, by 21%, to 194 Carlsbad homes, which is more good news for buyers. This represents an inventory of only 1.6 months for attached homes (up from 1.3 months last month) and 2.1 months for detached single family homes (up from 1.5 months last month) based on the current rate of sales over the last 3 months. Based on inventory and the rate of sales the housing market in Carlsbad continues to strongly favor sellers overall.
151 new listings came on the market in February, which was 12% fewer than in January but still more than new 5 listings per day. The number of homes going pending in February (excluding those homes that closed), 111, also decreased, but only by 3%, from January.
This summary of the Carlsbad housing 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. Please contact me at (760) 840-1360 so we can discuss your housing needs, and any questions you might have, and your plans to either buy and/or sell a home in Carlsbad.