What's the Value of My Oceanside Home?
Oceanside Home Sales for June 2020
The Oceanside real estate market continues to evolve during the pandemic. 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 will benefit you as a buyer or seller and help you make informed buying or selling decisions about Oceanside homes for sale.
In June 2020 there were 238 homes sold in Oceanside’s 4 zip codes (92054, 92056, 92057, 92058), a dramatic increase from May sales by 54%, and the most sales in 1 month since July 2019. Here’s the breakdown of overall activity.
Detached Homes Sold
145 (up 59%), 26 Days on Market, Average Sales Price $641,444 (down 3%), Average sales price was 99% of original asking price
Attached (condos, town homes) Homes Sold
93 (up 14%), 35 Days on Market, Ave. Sales Price $448,744 (down 3%), Average sales price was 98% of original asking price
Overall sales volume rose significantly in June, despite the pandemic, with more sales for both detached and attached homes. Average marketing time was about the same for detached homes but rose modestly for attached. 11% of the June home sales were cash transactions, similar to last month. The average sales price decreased modestly for both attached homes and detached homes. Sales prices ranged from $248,000 to $3,000,000.
Buyers, on average, negotiated 1 - 2% off the original asking price, however, almost half of the home buyers (43%) paid full price or higher for their homes, a good indication of the continuing competition. The MEDIAN sales price of detached homes was 2% lower than last month at $610,000; the median for attached homes was about the same as last month at $405,000 (up 1%).
There were 21 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 20 last month. These homes are considered active and are included in the statistics below. 15 of these homes are sales with first right of refusals, and 5 are short sales.
At the end of June there were 256 Oceanside homes for sale (ranging in price from $227,000 to $3,300,000), a 14% decrease in inventory from last month, the second decline, but still a reasonable inventory considering the pandemic!
This represents a supply of only 1 month for detached homes (down from 1.4 months last month) and 2.1 months for attached homes (down from 2.3 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, in particular for detached homes.
In June 216 Oceanside homes were listed, 7% fewer than last month but that’s still 7 per day during the pandemic. The number of Oceanside homes going pending also decreased significantly, from 215 to 178 (excluding homes that actually closed in June), but it was still a 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, so we can develop a strategy to get you into a new Oceanside home, and/or sell your current Oceanside home!
Be aware there are specific recommendations in place, and procedures, due to the pandemic to protect buyers and sellers that impact showings and sales in our area. I’m happy to answer any questions you have about what this means for buying and selling during the pandemic, and what you can expect as a buyer and/or seller.