June was a particularly special month for the housing market in Carlsbad, with a number of significant shifts from last month and 1 year ago. While there were surprises for housing in May, June was even more surprising. The market is very different from what many expected during our pandemic. Is the market crashing? Far from it!
189 homes sold in Carlsbad in June. This is more than twice as many sales as in May, and more sales than we have seen in a single month in over 2 years! Wow, what a surprise. Here’s what happened:
Detached Homes Sold – 123 (up 250%); 25 Average Days on Market; the average sales price was $1,143,295 (down 4%), which was 98% of the original asking price
Attached Homes (condos, town homes, twin homes) Sold – 66 (up 213%); 41 Average Days on Market; the average sales price was $629,434 (no change), which was 98% of original asking price
Despite the pandemic Carlsbad home sales in June increased dramatically from May, with more than twice as many detached and attached sales. While the average sales price for detached homes was modestly lower, the average sales price did not shift for attached properties.
The results are also strong year-over-year. Looking back 1 year to June 2019, detached home sales were up by 6%, with 20% more attached home sales. Similarly the average sales price from 1 year ago was 8% higher for detached homes, and 6% higher for attached homes.
The average marketing time (days on market or DOM) did not change for detached homes, remaining at a little over 3 weeks, but marketing time was longer for attached homes. Bear in mind that 38% of the homes went pending in 1 week or less – clearly many home buyers made decisions right away and moved quickly on offers.
Carlsbad buyers, on average, were able to negotiate the purchase of their homes for 2% off original asking price. At the same almost half of the home buyers (43%) paid asking price or better for their homes, a clear indication of competition in the market, despite the pandemic.
The median sales price for detached homes was $1,075,000, which was 9% lower than last month, and $572,000 for attached homes, down 8% from May.
At the end of June there were 264 Carlsbad homes for sale, ranging in price from $350,000 to $8,700,000. This is an 8% decrease from last month following several months of increases, but overall it is still a very solid inventory for buyers, despite the pandemic.
The current inventory in Carlsbad is about 2.7 months for attached homes, and only 1.7 months for detached, based on the rate of sales over the last 3 months. Carlsbad continues to be a very strong sellers’ market based on current inventory and buyer demand, even during the pandemic.
In June 216 new listings came on the market, about the same as last month (218) which was a huge increase from April. 198 homes went pending (excluding homes that closed), another substantial increase by 19%, and more pendings than we have seen in a month in a very long time, another sign of the strong housing market we are seeing in Carlsbad.
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 of Carlsbad that interest you, such as La Costa, Aviara and Bressi Ranch.
Why not give me a call at (760) 840-1360 so we can discuss your 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 home in Carlsbad, or nearby.
Buyers and sellers, you should be aware there are specific recommendations and procedures in place to help keep everyone safe, and some new procedures that impact the purchase and sales process in our area. I am happy to share that information with you and answer questions about what this means for buyers and sellers during the pandemic, and what to expect when buying or selling.