What’s My Carlsbad Home Worth? May 2017 Market Report

The Carlsbad real estate market continues to change, and the statistics for May show several shifts from last month and from 1 year ago. These data do not include private sales or manufactured/mobile/multi-family housing; the numbers are derived from the MLS and are believed to be accurate at the time they are reported but are not guaranteed.

Media reports speak in general terms, and not about the local Carlsbad housing market. Current data, and knowledge, about the local market conditions benefits you as a buyer or seller so you can make informed purchase and sale decisions about Carlsbad homes for sale.

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In May 2017 there were 201 Carlsbad homes sold (92008, 92009, 92010 and 92011), another increase, by 14%, from April sales.  Here’s what happened:

TOTAL HOMES SOLD – 201 (up 14%), 25 DOM (Days on Market); Ave. Sale price $908,415 (up 1%), 98% of asking price

Detached Homes Sold – 130 (up 23%); 23 DOM; Ave. Sale price $1,095,183 (down 1%), 98% of asking price

Attached Homes Sold – 71 (no change); 29 DOM, Ave. Sale price $566,445 (down 4%), 98% of asking price

The overall number of Carlsbad home sales in May rose from April levels, another increase, and not a surprise given the time of year. Average sales prices decreased for attached homes but rose slightly for detached compared to last month. Compared to May 2016, however, detached home sales were up slightly by 2%, while attached sales were down by 4%. Average prices year over year rose, by 8% for detached homes and by 7% for attached homes from May 2016.

21% of the transactions were cash buyers (the same as last month)

Average time on market (DOM) declined to under a month for both detached and attached homes.

Buyers, on average, are getting their homes for 2% off the asking price; however, 91 homes (45%) sold at and above the list price

The median sales price for detached homes was $977,642 (down 1% from last month), and $525,000 for attached (down 6%)

There were 10 properties(4% of the total)in Carlsbad at the end of May with the CONTINGENT status, up from 6 last month (i.e., for the most part these are homes with offers being reviewed for approval by short sale and REO lenders). These homes are technically still available but some listings may not allow more showings or be accepting more offers.

There were 268 Carlsbad homes for sale at the end of May, a significant increase by 19% from last month, but 16% less inventory than at the end of May 2016. This represents an inventory of 1.6 months for attached homes (up from 1.1 months last month)and 1.8 months for detached (down from 2 months last month) 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.

In May 258 new listings came on the market, 21% more than in April. The number of homes going pending in May (excluding those homes that closed), 212, also increased, by 5%, from last month. 

This overview of the Carlsbad real estate market is based on information provided by the MLS. More details can be provided with regard to current activity as well as within the specific zip codes, and neighborhoods, of Carlsbad.

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