What's the Value of My Oceanside Home?
Oceanside Home Sales Report for May 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 May 2020 there were 155 homes sold in Oceanside’s 4 zip codes (92054, 92056, 92057, 92058), an increase from April sales by 6%. Here’s the breakdown of overall activity.
Detached Homes Sold
91 (up 1%), 27 Days on Market, Average Sales Price $661,500 (up 6%), Average sales price was 98% of original asking price
Attached (condos, town homes) Homes Sold
64 (up 14%), 30 Days on Market, Ave. Sales Price $464,094 (up 6%), Average sales price was 96% of original asking price
Overall sales volume rose in May, with more sales for both detached and attached homes. Average marketing time increase modestly for both styles of home but remains at about 1 month. 10% of the May home sales were cash transactions, the same as last month. The average sales price increased for both attached homes and detached homes.
Buyers, on average, negotiated 2 - 4% off the original asking price, however, almost half of the home buyers (48%) paid full price or higher for their homes, a good indication of the competition. The MEDIAN sales price of detached homes rose again and was 1% higher than last month at $625,000; the median for attached homes was about the same as last month at $399,999.
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 12 last month. These homes are considered active and are included in the statistics below. 14 of these homes are sales with first right of refusals due to offers that are contingent, 1 was a court approval, and 5 were short sales.
At the end of May there were 298 Oceanside homes for sale (ranging in price from $229,900 to $3,980,000), a 14% decrease in inventory from last month, following 4 months of improvement, but still a decent inventory considering the pandemic!
This represents a supply of 1.4 months for detached homes (down from 1.6 months last month) and 2.3 months for attached homes (down from 2.6 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.
In May 232 Oceanside homes were listed, 16% more than last month despite the pandemic. The number of Oceanside homes going pending also increased significantly, from 133 to 215 (excluding homes that actually closed in May), thus it was a busy month during the pandemic.
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 new procedures due to the SIP Order to protect buyers and seller 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.