What's the Value of My Oceanside Home?
Oceanside Home Sales for August 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 August 2020 there were 251 homes sold in Oceanside’s 4 zip codes (92054, 92056, 92057, 92058), a 17% increase in sales from July. Here’s the breakdown of overall activity.
Detached Homes Sold
146 (up 10%), 25 Days on Market, Average Sales Price $725,366 (up by 8%), Average sales price was 100% of original asking price
Attached (condos, town homes) Homes Sold
105 (up 28%), 35 Days on Market, Ave. Sales Price $572,381 (up by 15%), Average sales price was 99% of original asking price
Overall sales volume rose August overall, and for both detached and attached home sales. Average marketing time was slightly shorter for detached homes but slightly longer (by 2 days) for attached. 19% of the August home sales were cash transactions, versus 13% last month. The average sales price rose modestly for detached homes and more significantly for attached homes. Sales prices ranged from $224,450 to $3,850,000.
Buyers, on average, negotiated 1% off the original asking price, however, over half of the home buyers (57%) paid full price or more for their homes, a reflection of the continuing competition. The MEDIAN sales price of detached homes was 1% higher than last month at $652,500; in contrast the median for attached homes was 8% lower than last month at $410,000.
There were 20 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 17 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, 1 is a court approval, and 4 are short sales.
At the end of August there were 198 Oceanside homes for sale (ranging in price from $229,900 to $2,375,000), a 13% decrease in inventory from last month, and the 4th consecutive decline!
This represents a supply of less than 1 month for detached homes (the same as in July) and 1.2 months for attached homes (down from 1.6 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, becoming even more competitive in August.
In August 237 Oceanside homes were listed, down 13% from last month but still averaging 8 new listings per day during the pandemic, and good news for buyers. The number of Oceanside homes going pending also decreased, from 246 to 226 (excluding homes that actually closed in August), down by 8%, but still a busy month for both buyers and sellers.
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.