What’s My Carlsbad Home Worth? February 2017 Update

Oceanside Real Estate Market report

There were a number of changes in the housing market in February as compared to January 2017.

In February 2017 there were 100 Carlsbad homes sold, a drop by 3% from January sales.  Here’s what happened:

There were 100 total homes sold, which was down 3% from January. The average time on market was 31 days. The average sales price was $763,099 (down 4% from last month) and homes sold for an average of 98% of asking price so there was not a lot of negotiating going on.

There were 55 detached single family homes sold (down 15%) that were on the market an average of 32 days. Homes sold, on average, for $957,212 (up 1%) and at 98% of asking price

45 attached homes sold (up 18%) and were on the market for 31 days on average. The average price was $525,849 (down 3%), which was 98% of asking price.

Carlsbad homes for sale

In summary, the overall number of Carlsbad home sales in February decreased modestly from January levels, although February was a short month. Compared to February 2016, however, detached home sales were up by 12%, while attached sales were down by 6%. Average prices year over year rose, by 3% for detached homes and by 14% for attached homes as compared to February 2016.

18% of the transactions were cash buyers (versus 16% last month), and the average time on market decreased for detached single family homes but rose for attached homes.

While buyers, on average, purchased their homes for 2% off the asking price, 34 homes (34%) sold at and above the list price

Inventory remains tight in Carlsbad with 226 Carlsbad homes for sale at the end of February, a slight decrease by 3%. This represents an inventory of only 1.6 months for attached homes and 1.8 months for detached single family homes, based on the current rate of sales over the last 6 months. The real estate market in Carlsbad continues to be very competitive for buyers, and remains a very strong sellers’ market.

If you would like to hear more details about specific zip codes or neighborhoods, or have any questions about the housing market in Carlsbad and how this affect you as a buyer or seller, please give me a call at (760) 840-1360 so we can discuss your questions.