Southern California’s real estate market remained geared towards home buyer's in the month of August, despite relatively strong demand from investors and others paying cash for homes. Prices have trended down slightly over the last couple of month, but many potential home buyers appear to still be on the sidelines and may still be waiting for a bottom in prices or a relaxing of the mortgage guidelines to allow more people to qualify for homes.
As of August 26th, 2011, the median price for a single family residential home in Carlsbad fell to $699,900, with an average of 131 active days on the Carlsbad real estate market. In addition, there were 51% of the active MLS listings that had price reductions, just slightly less than last week, showing a continued pressure on home prices. 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 showing a downward trend, and while the 7 day average touched the 90 it has since pulled back. Based on this, housing inventory appears static, with currently active MLS listings sitting at 15935 total residential & condo properties available on the San Diego MLS. There have been 31 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. 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 essentially flat this week, however 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 in the Carlsbad area, even though home prices appear to be flat.
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