Carlsbad and General Market Summary:
Tyson Lund - Broker Associate , The Lund Team, Inc
Posted by Tyson Lund
Active real estate brokers are noticing a shift in the San Diego real estate market. Many areas of the county are experiencing fewer homes for sale than in previous months. Professionals call this “inventory restriction” and it is having a noticeable affect on our local Carlsbad market. An increase in the number of home buyer showings per available home. Average time to sell in the current market for non-short sale property has dropped by 33% to 60 days average market time. Brokers are finding multiple offers more common on their desirable listings with the seller achieving near 99% of their asking price. Now although it is much to early to call the end to a long and brutal down real estate market, any signs of vitality has to be embraced by homeowners looking to make a move up, relocation or downsize their current obligation.
All must remember that “real estate is first and foremost supply and demand.” And in $900,000 and under single family residential home market in Carlsbad, supply is, for the time getting tight. Inventory levels for non-distressed property are between 3.5 months and 4.5 months of available homes. This is a low level. This has helped to reduce market time and help owners secure closer to their asking price. Several dynamics have helped reduce inventory in early 2012. Seasonally, the winter real estate market (October to December) often has fewer listed for-sale. December and January saw steady buying activity thanks to corporate relocation, low mortgage rates and reduced winter prices.
This bulk of the home buying activity is of homes priced under $900K, with the average Carlsbad home sold between November and January at $600,000. This area of the market is seeing strong demand and readily available financing. Carlsbad homes priced above $1M are considered within the luxury home market. And the luxury market remains at standstill. In the past 90 days, only 2 homes have sold above $1M with two under contract. This leaves almost 30 months of unsold property in Carlsbad. Luxury homes are extremely difficult to sell unless they are priced very aggressively.
All stats are based on last 90 days of activity:
92009 - Single Family Detached
Average selling price: $645,000 for 2,787sq.ft, 3 bed, 3 bath. 96% of asking price - Avg. Days on Market = 98 days
Months of current inventory = 4.5 Months of inventory
92011 - Detached
Average selling price = $666,528, for 2,423 sq.ft 3 bed, 2 bath, 97% asking price - 67 days on market
92010 - Detached
Average selling price = $469,519, 2,180 sqft, 3 bed, 2 bath, 97% asking price- 60 days on market
92008 - Detached
Average selling price = $598,538, 2,171, 3 bed, 2 bath, 94% asking price- 70 days on market
*These numbers are modified estimates that remove short-sale comparatives from number to get a more accurate indicator for average market time. Short-sales often have irregular market times due to trouble with lender(s) and not due to the property not selling.