Southern California’s real estate market remained geared towards home buyer's in the month of September. Prices have trended down slightly 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 Carlsbad home prices.
As of Sept 22, 2011, the median price for a single family residential home in Carlsbad held at $699,900, with an average of 144 active days on the Carlsbad real estate market. While home prices have held just below the $700K point, the days on market are beginning to climb; which is not a receipe for continued pricing strength. While Carlsbad home price action has been essentially flat, and there doesn't seem to be a strong pull in either direction, both the 90 day and 7 day averages are close to touching right at or near the $700K price point. The would represent a double bottom if prices can hold at this level. Housing inventory overall had a slight reduction over the last 30 days, with currently active MLS listings sitting at 15240 total residential & condo properties available on the San Diego MLS. There have been 25 new homes listed in Carlsbad in the last seven days.
Carlsbad home buyers still have a variety of homes to choose from and there doesn't appear to be any sense of urgency in the marketplace right now. We need to see the seven day home pricing median number cross back over the 90 average to put some steam behind increasing the price of homes in the Carlsbad area. The current market is continuing in a wait and see mode right now and we will still need to see either more homes sell or come off the market, reduction in inventory, or a tick up in average prices. Days on market was up over the last 30 days, and we need to see this number start to come down in order for prices to stabilize. Local Carlsbad home market conditions are currently quite strong in favor of home buyers, even though home prices appear to be holding steady.
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