Like other local markets, the Oceanside real estate market has undergone many shifts in the last several years and continues to evolve, especially with the large number of distress sales. These data do not include any private sales nor manufactured housing; the numbers are derived from the MLS and are believed to be accurate but are not guaranteed.

READ MORE:   Oceanside: A Growing and Changing Coastal San Diego Community

Media reports speak in general terms, rather than local, so that information may not represent the reality of the local Oceanside real estate market. Having data from a knowledgeable agent about the local market conditions benefits you as the buyer or seller. 

In May 2009 there were 219 homes sold in Oceanside's 4 zip codes (92054, 92056, 92057, 92058), as compared to 201 in April (another increase, of 9%). Here's the breakdown of overall activity. 

As in other communities, sales volume went up again in May and the average price for detached homes dropped (but in contrast it increased for attached homes). As compared to April 2008, sales rose 7% for detached homes (with a decline of 3% in average sales price in May from April) and 13% for attached homes (with another but smaller increase in average sales price over April 2009 of 13%). 

NOTE: There is a new status that is important for buyers to know about. The MLS now tracks those properties that are CONTINGENT, i.e., ones that have accepted offers that are waiting short sale approval, or where offers are submitted to the REO banks and awaiting approval. In the past these were lumped together in the ACTIVE category, becoming pending only once the offers were officially accepted by the banks. They are still considered active and will be included with the ACTIVE properties when tracking stats from month to month, but they do have a different status that impacts buyers who may want to submit offers (the offers would be considered back-ups). 

In Oceanside there are 240 homes with a contingent status - 61% of these are detached homes. This represents 33% of all the homes for sale. Thus buyers entering the market are seeing 1/3 of the inventory already with offers in for short sales and REOs. 

At the end of May 2009 there were 726 Oceanside homes for sale (380 detached and 346 attached) a decline of 7% from the end of April (this includes the homes with Contingent status). This represents an inventory of only 1.8 months for detached homes and 3.7 months for detached homes based on the current rate of sales over the last 6 months, both of which declined again from the previous month.  These absorption rates continue to be impressive when compared to many other parts of the country, some of which have over 2 years of inventory. Indeed we are seeing more multiple offers, not only on distress sales but also on regular sales, especially below $400,000. 

In May we saw 162 homes come on the market, 31% fewer than in April (and almost half the number of new listings in March) . During May 211 homes went pending, about 20% fewer than in the previous month. So coupled with another decline in inventory (with fewer new homes for sale) we saw an increase in volume, which has resulted in the low absorption rates noted above. 

More details can be provided if needed with regard to current activity as well as within the specific zip codes of Oceanside.

READ MORE:

Oceanside Real Estate Market Report for March and April 2009

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If I can provide more information about Oceanside, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits