What's the Value of My Oceanside Home?
Oceanside Real Estate Market Report for May 2018
The Oceanside real estate market continues to evolve. This market report does not include private sales or manufactured, mobile or multifamily housing; the numbers are taken from the MLS and are believed to be accurate at the time this report was written, but are not guaranteed.
Having data from a knowledgeable REALTOR about local market conditions benefits you as a buyer or seller so you can make informed buying or selling decisions about Oceanside homes for sale.
In May 2018 there were 206 homes sold in Oceanside’s 4 zip codes (92054, 92056, 92057, 92058), a modest increase from April by 2%. Here’s the breakdown of overall activity.
TOTAL HOMES SOLD
206 (up 2%), 24 Days on Market, Ave. Sales Price $546,090 (up 5%), Ave. sale 98% of asking price
Detached Homes Sold
132 (up 20%), 23 Days on Market, Ave. Sales Price $617,530 (up 16%), Ave. sale 99% of asking price
Attached (condos, town homes) Homes Sold
74 (down 20%), 24 Days on Market, Ave. Sales Price $418,657 (down 7%), Ave. sale 97% of asking price
Sales volume increased slightly in May overall, with a big jump in detached home sales but a significant drop in attached home sales. We saw a decrease in days on market for attached homes but an increase for detached home sales, however marketing time remains below 1 month on average. 20% of the May home sales were cash transactions, versus 23% last month. Average sale prices rose for detached homes but decreased modestly for attached homes.
Buyers, on average, negotiated 1 - 3% off asking price, however, nearly half (44%) of the homes sold for list price or better. The MEDIAN sales price of detached homes was $597,000 (up 6%), and $375,000 (up 3%) for attached/condos.
There were 11 homes with a CONTINGENT status (typically these are properties waiting for approval by short sale or REO lenders), 3% of the total inventory, the same as last month. These homes are considered active and are included in the statistics below. Some homes with this status may still allow showings or back-up offers. Homes in contingent status can sometimes remain on the market for a number of months awaiting lender approval.
At the end of May 2018 there were 358 Oceanside homes for sale, a 7% increase from April, and another bump up. This represents an inventory of 1.6 months for detached homes (the same as from last month) and 1.8 months for attached homes (down from 2 months last month) based on the current rate of sales over the last 3 months – the Oceanside market remains a very strong seller’s market.
In May 285 Oceanside homes came on the market, up slightly by 3% from last month. The number of Oceanside homes going pending, however, decreased, by 4%, to 193 pendings (excluding homes that actually sold in May).
I’m happy to provide more details about the Oceanside real estate market and within specific zip codes, neighborhoods, or price ranges to help you make an informed decision about your home purchase or sale. Why not give me a call at (760) 840-1360 so we can discuss your specific housing needs and budget, and develop a strategy to get you into a new Oceanside home in 2018, or to sell your current home!