by: Roberta Murphy
Carlsbad, CA–We watch Carlsbad real estate sales closely, with special attention to homes in La Costa–because that is where we live and office. In fact, I would say we are pretty heavily invested in this area.
When the sign went up in the yard at neighboring 3001 La Costa Avenue, we checked the MLS listing and this neat and well-groomed 4-bedroom, 2.5-bath home is priced with a broad range of $545,000 to $625,000. It’s in the highly-desired San Dieguito School District, has no HOA fees, and sits on over one-third acre. It should be a star in Carlsbad real estate sales.
Price, of course, is relative, even with Carlsbad homes. But the lower end of this range would make the home a strong bargain in the South La Costa real estate market. But discussion of this listing is relevant here only to the extent that the goal is to discuss local “market absorption rate” and theoretically how long, on average, it will take homes and condos to sell in the 92009 zip code.
As might be expected, the detached home market is much stronger than the condo market in Carlsbad– and La Costa is no exception. Considering the annual number of Carlsbad home sales along with those in the last month, a single family home owner in the 92009 zip can currently expect, on average, a market time of around 3.7 months, while condos are facing a 5.5-month rate of absorption. Of course, actual time on market will depend hugely upon property condition and price–and current market conditions.
Some listings sell in a matter of hours or days: They are in desirable neighborhoods, reflect sparkling condition–and are bargains to boot. They are offered by sellers who recognize that they are competing in both a beauty contest and a price war.
And they usually win.
2018 Update on Carlsbad real estate sales:
Time heals all wounds and bad real estate markets. Some recoveries just take longer than others. Starting in 2013, the Carlsbad real estate market started simmering strongly and five years later, we as Carlsbad realtors are amazed at high sales prices and ultra-low inventory. Those who hung onto their homes during the “dark days” of real estate (2007-1012) are big winners today.