Here’s the Market Report for Carlsbad for October 2023. And here’s the Market Report for September as a comparison in case you missed it.
The Carlsbad real estate market continues to shift, with changes from September and 1 year ago. Private sales, mobile homes and multi-family housing are not included. The data are from the MLS and are believed to be accurate when reported but are not guaranteed.
Media market reports speak in general terms. Thus, they do not reflect the local Carlsbad housing market conditions (read more – How Local IS Local?). Current information and analysis about local market conditions in this Market Report will benefit you if you need to make important buying and/or selling decisions. (photo is of the March 2023 Carlsbad Art Wall in the Village.)
79 homes sold in October, down 11% from September.
CARLSBAD MARKET REPORT DETAILS
Single Family Homes Sold – 42 (down by 24%). 22 Average Days on Market. The Average Sales Price was $1,763,761 (up 8%). Average Sales Price was 97% of the original asking price.
Condos, Townhomes & Duplexes Sold – 37 (up by 3). 21 Average Days on Market. The Average Sales Price was $860,648 (down 11%). Average Sales Price was 99% of the original asking price.
Overall Carlsbad home sales decreased from September. While there were fewer single family home sales, there were 3 more condo, townhome and duplex sales. The average sales price was higher for single family homes, but declined for condos, townhomes and duplexes. October sales prices ranged from $510,000 to $7,000,000.
The average marketing time was 4 days shorter for single family homes, and 1 day longer for condos, townhomes, and duplexes.
Compared to 1 year ago, 3 fewer single family homes sold in 2023. In contrast, substantially more condos, townhomes and duplexes sold in October 2023 than in 2022. The average sales price year over year was 3% lower for single family homes in 2023 (median price was 15% lower). The average sale price was 7% lower for condos, townhomes and duplexes (median price was 12% lower) in October 2023.
A number of buyers made quick decisions to tour homes and submit successful offers. 33% of the homes went pending in 1 week or less, slightly more than last month. It’s a good idea for buyers to be prepared not to delay making decisions in Carlsbad’s housing market!
Many Carlsbad buyers were able to negotiate their home prices down from list price. However, like last month about half (48%) paid asking price or higher for their homes. Buyer competition remains an issue, so it’s important to keep this in mind when planning an offer strategy!
The median sales price for single family detached homes was $1,547,000, compared to $1,550,000 last month. The median was $830,000 for condos, townhomes and duplexes, 8% lower than in September.
Inventory at the end of October (153) was up from last month (139), which is good news for buyers. List prices range from $577,777 to $21,900,000.
There is a 1.5 month supply of condos, townhomes and duplexes (down from 1.6 months last month). There is a supply of 1.8 months for single family homes (up from 1.3 months last month). This is based on the rate of sales over the last 3 months. Carlsbad’s housing market continues to favor sellers.
92 new listings came on the market in October, versus 85 last month. 45 homes went pending (excluding homes that closed in October), compared to 60 in September.
This overview of the Carlsbad housing market is based on data in the MLS. I can share more details regarding current activity, including Carlsbad neighborhoods that are of interest, such as La Costa, Aviara, Bressi Ranch or Calavera Hills.
Please reach out to me directly or by text at (760) 840-1360 to discuss your specific housing needs, timing, lifestyle, budget, and questions. We can work together to develop a plan to buy your new Carlsbad home, and/or sell your current Carlsbad home.