What is the Value of My Oceanside Home?
Oceanside Home Sales for July 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 July 2020 there were 215 homes sold in Oceanside’s 4 zip codes (92054, 92056, 92057, 92058), a 10% drop in sales from June after a large increase by 54%. Here’s the breakdown of overall activity.
Detached Homes Sold
133 (down 8%), 26 Days on Market, Average Sales Price $668,595 (up by 4%), Average sales price was 99% of original asking price
Attached (condos, town homes) Homes Sold
82 (down 12%), 33 Days on Market, Ave. Sales Price $497,469 (up by 11%), Average sales price was 98% of original asking price
Overall sales volume dropped in July, following a huge increasejump in sales from May to June. Average marketing time was the same for detached homes but dropped slightly for attached. 13% of the July home sales were cash transactions, versus 11% last month. The average sales price rose modestly for detached homes and more significantly for attached homes. Sales prices ranged from $242,000 to $1,285,000.
Buyers, on average, negotiated 1 - 2% off the original asking price, however, half of the home buyers (50%) paid full price or higher for their homes, a good indication of the continuing competition. The MEDIAN sales price of detached homes was 6% higher than last month at $645,000; similarly, the median for attached homes was 10% higher than last month at $447,000.
There were 17 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 21 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, and 3 are short sales.
At the end of July there were 228 Oceanside homes for sale (ranging in price from $219,000 to $3,999,999), an 11% decrease in inventory from last month, and the 3rd consecutive drop!
This represents a supply of less than 1 month for detached homes (down from 1 month last month) and 1.6 months for attached homes (down from 2.1 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, and became even more competitive in July.
Sellers made lots of decisions in July, with 274 Oceanside homes listed, 37% more than last month, averaging 9 new listings per day during the pandemic, and good news for buyers. Buyers were also very busy, with the number of Oceanside homes going pending also increased significantly, from 178 to 246 (excluding homes that actually closed in July), up by 38%.
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.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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