The Carlsbad real estate market continues to change, and as in prior months we saw some positive shifts in May 2016.
A total of 183 homes sold (up 16%) in May. The average time on market was only 25 days. The average sales price rose from May by 8% to $839,948.
When you look at single family detached homes we saw 115 sales (up 15%), with an average marketing time of 24 days. The average sales price also rose, by 9%, to $1,019,444 (up 9%).
68 attached (condos, townhomes, twinhomes) sold in May, up by 17% at an average sales price of $536,388 (up 8%).
We saw another bump up in inventory, although modest – good news for home buyers – with 307 homes for sale at the end of May. Interestingly, while the number of Carlsbad home sales in May increased significantly from April levels, compared to the same period in 2015 detached home sales dropped by 8%, while attached sales dropped by 3%.
Cash buyers made up 23% of the transactions, as compared to 24% in April.
Buyers, on average, were able to negotiate 2 – 3% off the asking price. However, 54 homes (30%) still sold for asking price or above.
The median sales price for detached homes in May was $930,000 (up 13%), and $519,000 for attached (up 5%)
The current inventory means we have only a 1.9 month supply of attached homes (down from 2.1. months last month) and 2.3 months for detached (down from 2.4 months last month) based on the current rate of sales over the last 6 months. The real estate market in Carlsbad remains a strong sellers’ market.
Want to know what this means for you as a BUYER or SELLER? Give me a call (760) 840-1360 and I’ll fill you in.