Southern California’s real estate market is remaining geared towards home buyer's in the month of December. Prices have trended down quite sharply over the last couple of months, but it appears that prices over the last few weeks have stabilized, at least temporarily. We are hopeful this trend will continue and establish a floor for pricing on Carlsbad area homes.
As of Monday December 12, 2011, the median price for a single family residential home in Carlsbad has risen to $619,000 with an average of 149 days on market, up 10 days from the last report. About four weeks ago we saw a sharp drop in home prices, which could have been fueled by short sales and/or bank owned homes hitting the market. Days on market have held fairly steady over the last few weeks. Inventory levels have been relatively consistent given the current sell through rate. Despite the fact there is still a significant amount of available homes for sale, this buyer's market is starting to see prices move higher, however this current reverse very quickly if the housing market starts to show signs of cooling. In addition, the seven day moving price average recently made a strong divergence away from the 90 day moving average, which would suggest that buyers are in control and sellers have become more motivated with regards to pricing. While the seven day average is starting to climb, we need to see a strong move across the 90 day average to re-establish an uptrent for Carlsbad real estate moving forward.
It's a Buyer's market and home prices continue to be fragile. Look for a persistent shift in housing market action before we can confidently say that prices are on the rise. Housing inventory overall had a slight reduction over the last 30 days, with currently active MLS listings in San Diego County sitting at 13240 total residential & condo properties available. There have been 25 new homes listed for sale in Carlsbad in the last seven days, with 10 of the 25 being priced above $600,000. This may give some clue to the modest increase in average home prices in Carlsbad over the last few weeks.
Lastly, there have been 80 Carlsbad homes that have sold over the last 90 days. To get an idea of what your home may be worth, take a look at the sold homes in your neighborhood, as this is what banks look at to determine fair market value.