Carlsbad Market Report March 2018

We are in the Spring housing market and activity is brisk. In March 2018 there were 112 Carlsbad homes sold, which was an increase in sales by 20% from February. Here’s what happened:

There were 76 detached homes sold at an average price of $1,170,895, on the market an average of 30 days. These homes sold for 98% of asking price on average.

36 attached homes (condos, town homes, twin homes) sold for an average price of $582,264, on the market an average of 22 days, and selling at 99% of the asking price.

Compared to March 2017, detached home sales were down by 26%, and down 42% for attached homes. However, average prices year over year rose by 18% for detached homes, but decreased by 10% for attached homes compared to March 2017.

23% of the transactions were cash buyers (versus 20% last month)

Buyers, on average, are getting their homes for 1 – 2% off the asking price; however it’s important to note that 44% of the homes sold at or above the list price (some new construction).

The median sales price for detached homes was $985,000 (unchanged from February), and $532,750 for attached (also unchanged from last month).

Inventory is increasing which is good news for buyers. There were 234 Carlsbad homes for sale at the end of March, an increase by 21% from last month. This represents an inventory of 2.1 months for attached homes (up from 1.6 months last month) and 2.5 months for detached (up from 2.1 months last month) based on the current rate of sales over the last 3 months. The real estate market in Carlsbad remains a very strong sellers’ market.

In March 203 new listings came on the market, 34% more than in February. The number of homes going pending in March (excluding those homes that closed), 164, also increased, by 48%, from last month.

Want more details in your neighborhood? Would you like a FREE market analysis of your home and an explanation of the market conditions as they impact buying and selling? Please give me a call at (760) 840-1360 so we can find a good time to talk about your personal situation and needs.