Many parts of Oceanside have seen prices almost freefall since last summer. Fortunately, due to recent buyer activity, that decline has a chance to slow down and maybe even level off.
With 53 homes actively for sale in Rancho Del Oro, and 14 in Pending status, it indicates a theoretical 4 month inventory. For the latter half of 2007, that was typically 6-9 months.
Another indicator is the number of multiple offers that are occurring, particularily in the sub-$500,000 price range. While a number of the offers are still considered low-balls, it appears there is enough competition that sellers can start to get closer to asking prices. Plus many of the bank-owned homes are getting so much interest, that buyers and their agents are pursuing short sales. Banks seemed to have learned their lesson from 2007 so that short sales are not quite as painful and have a higher chance of success than we saw last year.
Does this mean we have seen the bottom in prices? Probably not as some of this activity is seasonal and there are still a lot of foreclosed properties yet to hit the market. But let's keep our fingers crossed. With the government taking action to help the housing market, 2009 holds promise for recovery.