If you are considering buying or selling a home in Carlsbad you should be aware of the local market conditions. Here’s what happened in the 1st month of 2020.
97 homes sold in Carlsbad in January (92008, 92009, 92010 and 92011), which was 26% fewer than December. Here are some details.
Detached Homes Sold – 59 sales (down 20%); 44 Days on Market, Average Sales price was $1,179,134 (up 7%), Average sales price was 97% of the original asking price
Attached Homes (condos, town homes, twin homes) Sold – 38 sales (down 30%); 44 Days on Market, Average Sales price was $593,871 (down 4%), Average sales price was 97% of original asking price
January Carlsbad home sales decreased from December, with a significant decline in detached single family homes and an even bigger decrease for attached homes.
The average sales price was higher for detached single family homes but lower for attached homes.
Looking back 1 year to January 2019, detached home sales were down by 8%, and there were 12% fewer attached home sales. In contrast, the average sales price year over year was 15% higher for detached homes, and 5% higher for attached homes compared to January 2019.
9% of the January 2020 transactions were cash buyers.
The average time on market (DOM) was longer for both detached and attached homes compared to last month, about a month and a half. A number of these sales went pending during December.
Carlsbad buyers were able to negotiate the purchase of their homes an average of 3% off the original asking price. However, 29% of the home buyers paid asking price or better for their homes. This is likely an indication of the competition in the market and multiple offers.
The median sales price for detached homes was $1,092,450, 9% higher than in December, and $589,500 for attached, which was 4% higher.
There were 212 Carlsbad homes for sale at the end of December which is 6% more than last month, and good news for buyers after months of declining inventory. The inventory is still quite low. Active listings as of the end of January ranged in price from $349,000 to $26,950,000,
Current inventory is about 2.2 months for attached homes and 1.5 months for detached, based on the current rate of sales over the last 3 months. Carlsbad continues to be a very strong sellers’ market based on current inventory and buyer demand.
169 new listings came on the market in January, substantially more than last month. 110 homes went pending in January (excluding homes that closed), also a substantial increase, by 47%, from December.
This overview of the Carlsbad real estate market is based on information provided by the MLS. I’m happy to provide more details regarding current activity as well as for specific Carlsbad neighborhoods.
Please contact me at (760) 840-1360 to discuss your housing needs, timing, lifestyle and budget, and any questions you have. Then I can help you create a strategy to buy a new Carlsbad home in 2020, and/or help you sell your current Carlsbad home this year.