We saw a number of changes in the Carlsbad real estate market for February 2016.
As you probably know low inventory has been the hallmark of the Carlsbad housing market for some time. With the number of homes available for purchase, both single family detached and attached. our market has been classified a seller’s market for a while – the supply is not sufficient for the buyer demand and so the market favors sellers, in genera.
For February we saw another increase in inventory, the second in a row, with a total of 276 homes for sale at the end of February. This means, based on the current rate of sales, that we have about 2.1 months of inventory.
In terms of sales we saw a drop of 4% in overall sales compared to January. This was a combination of fewer single family detached home sales (down 26% from January) but more attached home sales than last month.
The average sales price of a detached home selling in February was $947,466, an increase of 6% from January. On average these homes sold for 97% of the most recent asking price. The average sales price for attached homes fell by 4%, to $457,476, selling at 96% of the asking price. Overall, though, 26% of the homes sold at or ABOVE asking price in February, a sign of the competition and teh buyer demand.
31% of the home sales in February were cash transactions.
We saw more new listings hitting the Carlsbad housing market in February than we did in January, as well as more homes going pending. This will be reflected in the data we see for closings in March.
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