Carlsbad Housing Market Report for August 2020

Market reports

We saw a number of shifts in the housing market for Carlsbad in August 2020 – here’s what happened:

199 homes sold in Carlsbad in August, down 5% from last month but still a substantial number of sales in any month over the last 2 years!

Detached Homes Sold – 134 (6% more), averaging 21 days on the market; the average sales price was $1,156,243 (down 1%); the average sales price was 99% of the original asking price, so there was not a lot of negotiation.

Attached Homes (condos, town homes, twin homes) Sold – 65 (21% fewer), averaging 24 days on market; the average sales price was $600,754 (down 5%); the average sales price was 98% of original asking price

Overall Carlsbad home sales in August decreased from July; there was a modest increase in detached sales but a substantial decline for attached homes sales. The average sales price was slightly lower for detached single family homes, and modestly lower for attached properties. Sales prices ranged from $294,600 to $2,100,000.

Looking back 1 year to August 2019, detached home sales were higher by 58%, and there were 18% more attached home sales. The average sales price year over year was 8% higher for detached homes, but 10% lower for attached homes. 16% of the August purchases were for cash.

The average time on market (DOM) was shorter for both detached and attached home, only about 3 weeks. 49% of the homes went pending in 1 week or less, thus many buyers made decisions quickly to see homes and then made successful offers.

Carlsbad buyers, on average, negotiated 1 – 2% off the original asking price for their new homes. At the same, however, almost half of the home buyers (48%) paid asking price or better for their homes, a good indication of the competition happening in the market despite the pandemic.

The median sales price for detached homes was $1,100,000, up 1% from last month, and $590,000 for attached homes, down 4%.

There were 6 homes in Carlsbad at the end of February with a Contingent status, versus 8 last month. All were first right of refusals, like last month.

At the end of August there were 193 Carlsbad homes for sale, ranging in price from $330,000 to $26,950,000; this is a drop in inventory by 11% from July.

Carlsbad’s current inventory is only 1.5 months for attached homes, and less than 1 month for detached, based on the rate of sales over the last 3 months. Carlsbad remains a very strong sellers’ market based on current inventory and buyer demand, and became more competitive in August.

208 new listings came on the market in August, compared to 216 last month. 176 homes went pending (excluding homes that closed), 5% fewer than in July but still an average of about 6 listings going pending per day.

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.

Please contact me at (760) 840-1360 so we can discuss your particular housing needs, timing, lifestyle and budget, and any questions. 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.

Because of the pandemic we still have specific recommendations in place to help keep everyone safe, and some new procedures that impact the purchase and sales process in our area. You can learn more as a buyer or seller from reading these 2 articles:

9 Things to Know About Selling a Home During the Pandemic

8 Things to Know About Buying a Home During the Pandemic