As of Monday January 16, 2011, the median price for a single family residential Carlsbad home has increased slightly to $620,000 with an average of 156 days on market, up 12 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, but we are now seeing a modest increase. 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 number of Carlsbad 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. Recently, the seven day moving price average recently made a minor move accross the 90 day moving average, which would suggest that price stabilization is starting to form in the Carlsbad housing market. However, we need to see a strong move across the 90 day average to re-establish an uptrend for homes in Carlsbad.
Home sales have recently started to out pace new inventory, but this is still a home buyer's market so prices are not yet moving higher, even though excess inventory is beginning to be consumer. We need to see 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 12406 residential & condo homes. There have been 37 new homes listed for sale in Carlsbad in the last seven days, with 11 of the 37 being priced above $600,000. This may give some clue to the modest increase in the average Carlsbad home price over the last few weeks.
Lastly, we have seen a consistent trend with sold homes, as we again have 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; this is what banks look at to determine fair market value for home purchases and re-finances.