80 homes sold in Carlsbad in May, 25% fewer than in April. Here are the details.
49 detached homes sold (29% fewer); 25 average days on market; average sales price was $1,187,743 (4% higher), which was 98% of the original asking price
31 attached (condos, town homes, twin homes) homes were sold (16% fewer); 25 average days on market; average sales price was $623,915 (down 15%), which was 98% of the original asking price
We saw a decline in Carlsbad home sales in May for both detached and attached homes sale. However, the average sales price was modestly higher for detached single family homes although it dropped for attached properties.
Looking back 1 year to May 2019, there were 48% fewer detached home sales in May 2020, with 47% fewer attached home sales. In contrast, however, the average sales price year over year was 4% higher for attached homes, and 8% higher for detached homes.
While the average marketing time was 3 days longer for both detached and attached homes, it remained at less than 4 weeks. Many buyers clearly made their decision quickly, with 40% of the homes went pending in 1 week or less.
Carlsbad buyers negotiated the purchase of their homes an average of 2% off original asking price. However, nearly half of the home buyers (45%) paid asking price or better for their homes. This is a strong indication of the competition in the market, despite our pandemic.
The median sales price for detached homes was $1,175,000, 5% higher than last month, and $625,000 for attached homes, down 1% from April.
At the end of May there were 287 Carlsbad homes for sale, ranging in price from $339,000 to $8,700,000 for a contemporary oceanfront property at Terramar. This is a 4% increase in inventory despite the pandemic, another improvement, and more good news for buyers.
The current inventory in Carlsbad is 2.8 months for attached homes, and 2.6 months for detached, based on the rate of sales in the last 3 months. Despite the pandemic, Carlsbad continues to be a very strong sellers’ market, which might surprise many consumers who feared a significant impact on housing.
We saw 218 new listings come on the market in May, 52% more than last month. This is the largest number of new listings in a month since July 2019. Similarly, 167 homes went pending (excluding homes that closed in May), a significant bump up by 61% from April, and the most pendings seen in one month in a very long time.
Please reach out to me at (760) 840-1360 to discuss your housing needs, timing, lifestyle and budget, and any questions. I’ll help you create a strategy to buy a new Carlsbad home in 2020, and/or help you sell your current Carlsbad home.
There continue to be specific recommendations in place to help keep everyone safe, and some new procedures and paperwork that impact the purchase and sales process in our area. I am happy to share that information with you and explain what this means for buyers and sellers during the pandemic, and what you can expect.
PLANNING TO BUY OR SELL?
And if you are planning to sell, there are 9 things to know about selling a home during the pandemic.