We saw a number of changes in the housing market for February 2020 as compared to January, and looking back 1 year ago.
There were a total of 110 homes sold in Carlsbad in February which is 13% more than in January. Here are the specifics:
Detached Homes Sold – 67 (up 14%), averaging 35 days on the market; the average sales price was $1,138,396 (down 3%). The average sales price was 98% of the original asking price so there was a bit of negotiation.
Attached Homes (condos, town homes, twin homes) Sold – 43 (up 13%), on the market an average of 44 days. Average Sales price was $573,883 (down 3%), and the average sales price was 98% of original asking price.
Overall Carlsbad home sales in February increased from January, as they did for both detached single family homes and attached homes.
Detached home sales were down by 11% compared to February 2019, while there were 4% fewer attached home sales. The average sales price year over year was 11% higher for detached homes, but 6% lower for attached homes compared to 1 year ago.
24% of the transactions were cash buyers, quite a bit more than in January.
Average time on market (DOM) decreased for both detached and attached homes compared to January and some properties went pending very quickly.
Carlsbad buyers were able to negotiate the purchase of their homes for an average of 2% off the original asking price. But at the same time 33% of the home buyers paid asking price or better for their homes, which is a good indicator of the competition in the market and similar to what we saw in January.
The median sales price for detached homes was $1,080,000, 1% lower than in January, and $589,500 for attached homes, which was 3% lower.
There were 5 homes in Carlsbad at the end of February with a Contingent status, versus 7 last month. 3 appear to be in a “first right of refusal” stage due to buyer offers contingent on selling their homes, with 2 short sales awaiting lender approval.
There were 220 Carlsbad homes for sale at the end of January, ranging in price from $339,000 to $26,950,000, which is 4% more than last month. This is good news for buyers after months of declining inventory.
Current inventory is about 2.2 months for attached homes, and 1.7 months for detached, based on the current rate of sales over the last 3 months. Carlsbad continues to be a very strong sellers’ market.
In February 184 new listings came on the market, 9% more than last month. 135 homes went pending in February (excluding homes that closed), also a substantial increase, by 23%, from January.
This overview is based on data provided by the MLS. I’m happy to provide more details about current activity, as well as information about specific neighborhoods of Carlsbad that interest you (e.g., La Costa, Aviara, Bressi Ranch).
Please contact me at (760) 840-1360 to discuss your housing needs, timing, lifestyle and budget, and any questions you have. After we talk we can create a strategy to get you into a new Carlsbad home in 2020, and/or help you sell your current Carlsbad home this year, or on in another North San Diego County community.