Southern California’s housing market remained geared towards buyer's in the month of May despite relatively strong demand from investors and others paying cash for homes. Prices have trended up slightly over the last couple of months, 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 June 15th, the median price in Carlsbad for a single family detached home for sale was $720,000, with an average of 122 days on market. Pricing has ticked down this week, but with inventory trending up and market action still trending down, there doesn't seem to be a strong price move in either direction. The current market seems to be in a pause mode right now and we will need to see either more homes sold, reduced housing inventory, or prices ticking up (creating a sense of urgency among home buyers) to move out of the current cycle. Days on market appears to be trending lower, but the real estate market action index was esentially flat. Local real estate conditions are currently quite strong in favor of home buyers, even though inventory and pricing is flat. Based on the current home selling rate, there is still several months of inventory available and home buyers still have a variety of homes to choose from.
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