Carlsbad Market Report Nov. 2016

Carlsbad homes for sale

I know I just published the October 2016 housing market report for Carlsbad but thought some sellers and buyers might be interested in what happened last month with Carlsbad homes for sale as the holidays approached. Not surprisingly there were some shifts from the October housing statistics.

101 Carlsbad homes sold in the 4 Carlsbad zip codes in November, a big drop by 35% from October sales.

TOTAL HOMES SOLD – 101 (down 34%), 36 Days on Market (DOM); Ave. Sale price $785,419 (up 3%), 97% of asking price

Detached Homes Sold – 62 (down 33%); 36 DOM; Ave. Sale price $909,675 (up 3%), 97% of asking price

Attached Homes Sold – 39 (down 36%); 36 DOM, Ave. Sale price $587,444 (up 3%), 97% of asking price

Home sales decreased significantly from October levels, which is not unusual at this time of year. Compared to the same period in 2015 detached home sales were about the same (up by 1 sale), while attached sales were 26% lower. Average prices were 4% higher for detached homes, and 6% higher for attached homes, compared to 1 year ago.

22% of the transactions were cash buyers. The average time on market (DOM) increased by a few days for both detached and attached homes.

Average sales prices increased modestly for both detached and attached homes compared to October levels. Buyers, on average, were able to negotiate 3% off the asking price; however, 27 homes (27%) sold at and above the list price

The median sales price for detached homes was $839,000 (down 1% from last month), and $510,000 for attached (no change)

There were 295 Carlsbad homes for sale at the end of November, a decline by 7% from October levels, and the 4th consecutive decrease – we saw the same pattern in November 2015 but current inventory is higher than in 2015. This translated into an inventory of 1.7 months for attached homes (up from 1.6 months last month) and 2.1 months for detached (the same as last month) based on the current rate of sales over the last 6 months.

It’s very clear that the real estate market in Carlsbad continues to be very competitive for buyers, and remains a strong sellers’ market, even in this time of the year when things are a little quieter.

Want to know more about what this means for you if you are considering a purchase in Carlsbad or are considering selling your home? Why not give me a call or text me at (760) 840-1360 and I will explain it in more detail and answer all of your questions.

Would you like some great tips on how to buy a house or on how to sell a house? Click the links to visit my YouTube channel and view a series of short buying and selling tips.