Carlsbad Housing Market Report for April 2020

Market report

If you are curious about how the Carlsbad housing market is reacting to Covid-19 and the Shelter-in-Place order (SIP), here’s what happened in April 2020.

A total of 106 homes sold in Carlsbad, 17% fewer than in March, but about the same as in February and more than in January.

Detached Homes Sold – 69 (up 8%); 22 Days on Market, the average sales price was $1,136,061 (lower by 2%), the average sales price was 99% of original asking price

Attached Homes (condos, town homes, twin homes) Sold – 37 (41% fewer); 22 Days on Market, the average sales price was $732,094 (no change), and the average sales price was 98% of original asking price

Overall Carlsbad home sales decreased from March, with a modest increase in detached single family home sales but far fewer sales of attached homes. 13% of the transactions were cash buyers.

Sales dropped from April 2019: detached home sales were down 31%, and attached home sales were down 34%. In contrast the average sales price year over year was 27% higher for attached homes, and up slightly by 2% for detached homes.

Average time on market (DOM) was longer for detached homes but shorter for attached homes compared to last month, and is only about 3 weeks.

On average Carlsbad buyers negotiated 1 – 2% off the original asking price. However, over half of the home buyers (56%) of the home buyers paid asking price or better for their homes, a good indicator of the competition in the market.

The median sales price for detached homes was $1,115,000, up 3% from last month and up 8% from 1 year ago, and $630,000 for attached homes, also higher than last month by 7% and up 11% from 1 year ago.

At the end of April there were 277 Carlsbad homes for sale, ranging in price from $339,000 to $8,700,000. This is 7% more than last month, despite the pandemic, and good news for buyers. This is 40% more inventory than we had at the end of December!

Current inventory is about 2.8 months for attached homes, and 2.1 months for detached, based on the rate of sales over the last 3 months. Carlsbad remains a very strong sellers’ market based on supply and buyer demand, even in this time of the SIP and pandemic.

In April 143 new listings came on the market, 26% fewer than in March. 104 homes went pending (excluding homes that closed), a decrease by 29% from March, but still more than 2 pendings each day.

This overview of the Carlsbad real estate market is based on information from the MLS. I’m happy to provide more details, including for specific neighborhoods of Carlsbad that interest you such as La Costa, Aviara and Bressi Ranch.

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

We will also talk about the specific CDC recommendations in place to help keep everyone safe for showings, and some new procedures and documentation as the result of the SIP Order. Much of the real estate transaction is now being done virtually. I am happy to share that information with you and answer any questions about what buyers and sellers can expect during the SIP.