Carlsbad Housing Market Report for July 2019

The Carlsbad real estate market continues to change, with several shifts from last month and 1 year ago. These data do not include private sales or manufactured/mobile/multi-family housing; the numbers are derived from the MLS and are believed to be accurate at the time they are reported but are not guaranteed.

156 homes sold in Carlsbad in July, a decrease by 5% from June.  Here’s what happened:

Detached Homes Sold – 98 (down 12%); 24 Average Days on Market, Average Sale price was $1,056,037 (up 1%), Average sales price was 99% of original asking price

Attached Homes (condos, town homes, twin homes) Sold – 58 (up 7%); 36 Average Days on Market, Average Sales price was $597,630 (no change), Average sales price was 98% of original asking price

Carlsbad home sales in July dropped modestly overall from June, with a decline in single family detached home sales but an increase in attached home sales. The average sales price rose slightly for detached homes but did not shift appreciably for attached homes.

Detached home sales were down by 5%, but were up 4% for attached home sales compared to 1 year ago. Average sales price year over year also shifted, declining 8% for detached homes, and 10% for attached homes for the same period. This is likely due to fewer higher priced home sales that lowered the average.

10% of the transactions were cash buyers (versus 16% last month).

Carlsbad buyers, on average, were able to buy their homes for 1 – 2% off the original asking price; however, 37% of the home buyers paid asking price or better for their homes, a sign of the competition in the market.

The median sales price for detached homes was $958,000 (down 6%) and $556,944 for attached, down 2% from June.

There were 10 homes in Carlsbad at the end of May with a CONTINGENT status, versus 8 last month (i.e., sometimes these are homes with offers being reviewed for approval by short sale and REO lenders). Contingent homes are technically still available but some listings may not allow more showings or accept back-up offers. However, for July all 10 appear to be in a “first right of refusal” stage and not short sales or REOs.

There were 353 Carlsbad homes for sale at the end of July (ranging in price from $330,000 to $26,950,000), the same as last month.

Current inventory is about 2.5 months for attached homes and 2.1 months for detached, based on the current rate of sales over the last 3 months. Carlsbad remains a very strong sellers’ market based on supply and demand.

222 new listings came on the market in July, 13% more than last month, which is good news for home buyers. 128 homes went pending (excluding homes that closed), about the same as in June (1 less).

I’m happy to provide more details with regard to current activity as well as for specific neighborhoods of Carlsbad that interest you, or other areas as well.

Please contact me at (760) 840-1360 so we can discuss your housing needs, lifestyle and budget, and any questions you have. Then we’ll create a strategy to get you into your new Carlsbad home in 2019.