Here’s an overview of what happened in the Carlsbad housing market for October 2016:
154 Carlsbad homes sold, which was an increase by 5% from September sales.
TOTAL HOMES SOLD – 154 (up 5%), 30 DOM; Ave. Sale price $761,298 (down 7%), 97% of asking price
Detached Homes Sold – 93 (down 1%); 31 DOM; Ave. Sale price $885,886 (down 10%), 96% of asking price
Attached Homes Sold – 61 (up 17%); 28 DOM, Ave. Sale price $571,352 (up 7%), 97% of asking price
The overall number of Carlsbad home sales in October increased from September levels but we saw a decline in the number of detached single family home sales. When you look at the same period in 2015 we see that detached home sales rose by 1%, while attached sales rose by 9%. Sales prices also shifted from October 2015 to 2016 – average prices dropped by 6% for detached single family homes and but increased by 9% for attached homes.
16% of the transactions on October 2016 were cash buyers
The average time on the market (DOM) decreased slightly for both detached and attached homes, and to a little less than 1 month for attached homes.
The average sales price decreased for detached single family homes compared to September but rose for attached homes
Buyers, on average, purchased their homes for 3 – 4% off the asking price; however, at the same we saw that 45 homes (29%) sold at and above the list price
There were 316 homes for sale in Carlsbad at the end of October, which is a decline by 2% from September, and the 3rd consecutive decrease in inventory. This translates to an inventory of only 1.6 months for attached homes and 2.1 months for detached homes based on the rate of sales over the last 6 months. The real estate market in Carlsbad remains a strong sellers’ market, and we are seeing multiple offers in many cases, particularly at the lower price points.
If you would like to know more, or want to better understand how these market conditions impact you as either a buyer or seller, please give me a call at (760) 840-1360 or send me an email so I can answer all your questions.