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 Carlsbad home 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 19, 2011, the median price for a single family residential Carlsbad home has declined slightly to $612,995 with an average of 144 days on market, down 5 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 stablize, however this could 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 made another small move away from the 90 days average, we need to see a strong move across the 90 day average to re-establish an uptrend for Carlsbad real estate.
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 week, with currently active MLS listings in San Diego County sitting at 12940 residential & condo homes. There have been 14 new homes listed for sale in Carlsbad in the last seven days, with 5 of the 14 being priced above $600,000. This may give some clue to the modest decrease in the average Carlsbad home price over the last few weeks.
Lastly, there have been 79 homes in Carlsbad 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 for home purchases and re-finances.