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Oceanside Real Estate Market Report for February 2020
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 February 2020 there were 159 homes sold in Oceanside’s 4 zip codes (92054, 92056, 92057, 92058), an increase from January sale by 26%. Here’s the breakdown of overall activity.
Detached Homes Sold
89 (up 20%), 31 Days on Market, Average Sales Price $603,042 (down 4%), Average sale 99% of original asking price
Attached (condos, town homes) Homes Sold
70 (up 35%), 40 Days on Market, Ave. Sales Price $439,075 (down 15%), Average sale 99% of original asking price
Overall sales volume rose substantially in February, with increases for both detached and attached home sales. Average marketing time was longer by a couple of days for detached homes, but shorter for attached housing. 14% of the February home sales were cash transactions, vs. 18% in January. Average sales price decreased modestly for detached single family homes and even more so for attached homes.
Buyers, on average, negotiated 1% off the original asking price, however, over half of the home buyers (53%) paid full price or better for their homes, a good indication of the competition. The MEDIAN sales price of detached homes was higher than last month at $580,000 (down 5%), and was down 6% for attached homes.
There were 22 homes with a CONTINGENT status (often these are properties waiting for approval by short sale or REO lenders, but some homes with this status are sales with a first right of refusal due to contingent offers), compared to 14 last month. These homes are considered active and are included in the statistics below. Most of these homes are sales with first right of refusals due to offers that are contingent, but 5 were short sales.
At the end of February there were 257 Oceanside homes for sale (ranging in price from $229,000 to $3,950,000), a substantial increase in inventory by 16% from last month, the second significant improvement and good news for buyers! This represents a supply of 1.2 months for detached homes (the same as last month) and 2.1 months for attached homes (down from 2.2 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 overall given buyer demand and supply, especially for detached homes.
In February 231 Oceanside homes were listed, 7% fewer than last month but still good news for buyers with 7 or so listings per day. The number of Oceanside homes going pending also increased, from 171 to 189 (excluding homes that actually closed in February), signs of another busy month.
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. I invite you to give me a call at (760) 840-1360 to discuss your personal housing needs and budget, and develop a strategy to get you into a new Oceanside home in 2020, and/or sell your current Oceanside home!