Carlsbad Market Report May 2024

Carlsbad Market Report May 2024

Here’s the Carlsbad Market Report for May 2024. And here’s the Market Report for April 2024 for comparison.

The Carlsbad real estate market continues to evolve, with shifts from April and 1 year ago. Private sale, mobile homes and multi-family housing are not included. The numbers are from the MLS and believed to be accurate as reported but are not guaranteed.

Media reports tend to be very generalized. As a result they do not reflect local Carlsbad housing market conditions accurately (read more – How Local IS Local?). Up-to-date information on the local market conditions will benefit you when you need to make important buying and/or selling decision.

119 homes sold in Carlsbad in My, 10% more sales than in April, and another increase.

Sculpture in Carlsbad

CARLSBAD MARKET REPORT DETAILS

Single Family Homes Sold – 73 (up by 4). 19 Average Days on Market. The Average Sales Price was $1,961,428 (down 3%). Average Sale Prices was 100% of the original asking price.

Condos, Townhomes and Duplexes Sold – 46 (up 18%). 22 Average Days on Market. The Average Sales Price was $1,153,304 (up 7%). Average Sales Price was 100% of the original asking price.

Overall Carlsbad home sales in May increased from April. There were more single family home sales, as well as more condo, townhome and duplex sales. The average sales price increased slightly for single family homes. Similarly, the average price rose for condos, townhomes and duplexes. May sales prices ranged from $525,000 – $5,500,000.

Average marketing time was about the same for single family homes, but was modestly longer for condos, townhomes and duplexes.

There were 30% more single family home sales than in May 2023. And 24% more condos, townhomes and duplexes sold in May 2024 than 1 year ago. The average sales price year over year was about the same for single family homes in May 2024. The median price was 11% higher. In contrast, the average sales price was 2% lower for condos, townhomes and duplexes sold in May 2024 than 1 year ago. The median price was 11% higher.

Many buyers made quick decisions to tour homes and submit successful offers in May. 45% of the homes went pending in 7 days or less. It’s clear buyers must be ready to make prompt decisions in Carlsbad’s current housing market.

Some buyers negotiated home purchase prices down from list price. However, the majority (61%) paid asking price or more for their homes. There is still plenty of buyer competition, so it’s important to remember this in your home search and when planning an offer strategy.

The median sales price for single family detached homes was $1,865,000, compared to $1,885,000 last month. The median was $1,027,500 for condos, townhomes and duplexes, up 20% from April.

Inventory at the end of May (161) rose 7% from last month (150), good news for buyers. List prices range from $399,999 to $9,995,000.

There is a 1.5 month supply of condos, townhomes and duplexes (down from 1.9 months last month). There is a supply of 1.4 months for single family homes (the same as last month). This is based on the rate of sales over the last 3 months. Carlsbad is still a very strong seller’s market.

117 new listings came on the market in May, compared to 141 last month, down 17%. 70 homes went pending (excluding homes that closed in May), compared to 73 in April.

This summary of the Carlsbad housing market is based on data found in the MLS. I can share other details about current activity, including neighborhoods of interest (e.g., La Costa, Aviara, Bressi Ranch, Calavera Hills).

Please reach out to me directly or via text at (760) 840-1360 to discuss your specific housing needs, timing, lifestyle, budget and questions. Together we can plan a strategy to buy your new Carlsbad home, and/or sell your current home.