Like other local markets, the Oceanside real estate market has undergone many shifts in the last several years and continues to evolve, especially with the large number of distress sales. These data do not include any private sales nor manufactured housing; the numbers are derived from the MLS and are believed to be accurate but are not guaranteed.
READ MORE: Oceanside: A Growing and Changing Coastal San Diego Community
Media reports speak in general terms, rather than local, so that information may not represent the reality of the local Oceanside real estate market. Having data from a knowledgeable agent about the local market conditions benefits you as the buyer or seller.
In May 2009 there were 219 homes sold in Oceanside's 4 zip codes (92054, 92056, 92057, 92058), as compared to 201 in April (another increase, of 9%). Here's the breakdown of overall activity.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# Sold
|
219 (up 9%) |
138 (up 7%) |
81 (up 13%) |
|
Average $
|
$265,284 (down 1%) |
$306,503 (down 3%) |
$195,508 (up 13%) |
|
Days on Market
|
70 |
66 |
76 |
|
Sale $/List $
|
99% |
99% |
97% |
As in other communities, sales volume went up again in May and the average price for detached homes dropped (but in contrast it increased for attached homes). As compared to April 2008, sales rose 7% for detached homes (with a decline of 3% in average sales price in May from April) and 13% for attached homes (with another but smaller increase in average sales price over April 2009 of 13%).
NOTE: There is a new status that is important for buyers to know about. The MLS now tracks those properties that are CONTINGENT, i.e., ones that have accepted offers that are waiting short sale approval, or where offers are submitted to the REO banks and awaiting approval. In the past these were lumped together in the ACTIVE category, becoming pending only once the offers were officially accepted by the banks. They are still considered active and will be included with the ACTIVE properties when tracking stats from month to month, but they do have a different status that impacts buyers who may want to submit offers (the offers would be considered back-ups).
In Oceanside there are 240 homes with a contingent status - 61% of these are detached homes. This represents 33% of all the homes for sale. Thus buyers entering the market are seeing 1/3 of the inventory already with offers in for short sales and REOs.
At the end of May 2009 there were 726 Oceanside homes for sale (380 detached and 346 attached) a decline of 7% from the end of April (this includes the homes with Contingent status). This represents an inventory of only 1.8 months for detached homes and 3.7 months for detached homes based on the current rate of sales over the last 6 months, both of which declined again from the previous month. These absorption rates continue to be impressive when compared to many other parts of the country, some of which have over 2 years of inventory. Indeed we are seeing more multiple offers, not only on distress sales but also on regular sales, especially below $400,000.
In May we saw 162 homes come on the market, 31% fewer than in April (and almost half the number of new listings in March) . During May 211 homes went pending, about 20% fewer than in the previous month. So coupled with another decline in inventory (with fewer new homes for sale) we saw an increase in volume, which has resulted in the low absorption rates noted above.
More details can be provided if needed with regard to current activity as well as within the specific zip codes of Oceanside.
READ MORE:
Oceanside Real Estate Market Report for March and April 2009
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All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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Hi Jeff, I noticed that neighborhoods of homes have been sold one after the other as REO's. And the amount of the defaulted trust deeds on some these is staggering.
William - that os certanly true. You have to wonder HOW much has actually been forgiven. I see condos priced in the $70s that were acquired 2 years ago in the mid $200s! REOs are the biggest perdentage of sales in a number of communities, especially San Marcos, Oceanside and Vista in my area.
Jeff
You have a valuable status.
We have so many listings that are showing ACTIVE, yet thay are actually short sales under contract and awaiting lender approval.
Buyers agent must track down the listing agent to find out if the house is under contract but lender lender contingent.
Very good info here.
Jeff this is an excellent way to show what's happening. Sounds very famililar to our neck of the woods. I will take your lead and start posting this information. Thanks.....I alwasy enjoy reading your posts.
So true Lenn. With so many homes actually having this status, it drives agents nuts having to call and verify, IF you can even get the agent on the phone. Of course some are not using it as they should. And it makes the availability of housing appear very different from what buyers assume.
Jeff
Now that is a market report that is interesting! Must be good - it was featured twice. :)
Jeff you keep reporting increase and sales, and that is music to my ears. Now we need to see this from everyone else as well :)
Sounds like good news in your area. I too enjoy your posts and your good information. Let's hope things move along in the positive direction here in seacoast NH
Take care,
Regards,
Patricia Aulson/portsmouth nh real estate
In our MLS, short sales and REO's listed as active or pending is up to the Realtor. I like your system better. I would think with your absorption rate that before the end of the summer you should have a postive uptick in home prices. FYI, last week I got Google Alerts on two comments I made on your Active Rain blog posts. You must be doing something really right to have comments indexed for me. Thanks!
Howdy Jeff! Nice work on the Oceanside market report. Could the dwindling supply be a result of the recently completed Federal foreclosure moratorium and the newly enacted California foreclosure moratorium?
Oceanside was one of the communites that was battered from foreclosure activity. It would appear that these moratoria are having the desired effects on supply.
Hi Jeff -- Wow, these inventory levels are low compared to our market. I hope you have a great summer!
Hi Jeff,
Great info on Oceanside. After reading your response to William's comment I had to click on over to our MLS to check out to see what one could buy at entry level in the area. Never thought I'd ever see anything under $100,000 again in the area.
Jeff, that is a great report and shows that maybe the market is picking up now! Wonder what'll happen when the foreclosures -- which are now being held back -- hit the market in the next 6 - 12 months? It'll be interesting!
We also have been tracking Short Sales and Bank Foreclosures they are over 40% of our market.
Anna - hey, thanks. I find that my market reports get some of the highest click rates her on AR. Folks like, and need, this information. They are a good things to do for consumers and they help you better understand the market.
Virgina - ha ha. Seems to me I have seen some other features that ended up on the dashboard twice. A glitch in the system rather than due to the quality of the post.
George - well it really is at the low end of the market. Idid not break down by price range but higher end homes are not moving in the same way.
Thanks, Patricia. I appreciate the compliment and wish you well on the NH Coast - not far from my old stomping grounds in Boston 4 years ago.
Joe - that's very cool.
Jeff
Brian - I suspect that's true. Buyers are now complaining about the inventory and wondering when the "floodgate" is going to open as we have been told for months now.
Thanks, Chris - well this is one of the lowest in my area. A number of communities are in the 6 - 12 month range or beyond.
Lynda - so true. I was shocked at how many units are in the under-$100K range. And I have a bunch of buyers in that range as well. But they are tough to get becuase they get multiple offers right away and there is lots of competition.
Regina - it WILL be interesting, depending on how many hit and how much at one time. I have lots of buyers looking for these and griping about the lack in inventory.
Terry - well they are having an impact everywhere so important to know about in terms of volume, etc.
Jeff
I saw your comment about your click rate. Not THAT is interesting... and give me some direction for my blogs ;-)
Jeff...so glad you got featured. A lot of good information about the Oceanside area, I'm in Indiana but I have a very close friend who lives in Oceanside who's always asking me about his local market and now I have a resource to refer him to...thanks again
Lisa - well I do find that market reports get some of the highest click rates, in addition to my communit profiles, so it seems this is pretty important info, both for buyers and sellers.
Thanks, Brian. I hope it will be useful, despite what it reflects in prices over the last few years.
Jeff
Hi Jeff, Very well organized market report. I used to live in San Diego and always appreciate news of the area. Well done.
Hey Jeff,
I didn't know you lived in Boston 4 years ago? Did you do any real estate there?
Patricia Aulson/ Portsmouth nh real estate
Thanks, Bill. These reports seem to get longer and longer.
Patricia - yep, I was with RE/MAX Destiny in Cambridge (Boston) for 2.5 years. A big change when I came out here. I miss Boston but not the winters. :)
Jeff
Hi Jeff: You know I mustchime in on foreclosures. The moratorium's now number 4 when you take into account the "sorta" moratorium on tenant occupied properties that will be stalled from going on the market yet another 90 days after the TS. My true feeling is that the next wave will hit at the end of this year beginning of next and with interest rates continuing to tick upward it may place many outside the qualifying range once again which could eliminate some of our price appreciation. Everyone is talking about low inventory. Not so if you look at the higher price ranges on active vs pending. In Kern County only those properties that work for the $8000 first time buyer credit are being eaten up and the rest are just stalled. The economists at CAR in Sacramento last week stated that the next wave of foreclosures will be the mid range properties that can not sell or modify due to 54% downturn in market value and rising unemployment. Betty Davis was right "hang on to your hats boys it's gonna be a bumpy ride". Great job on your post as always hope to see you in July at SDAR REO 101 & 102.
Thanks for your wisdom, CJ. I know you are at the forefront of all this. Yes, the things that are selling in our local area are at the low end, in general. I haven't tracked, other than in a very general way, the % of short sales and REOs in different price ranges - our MLS does not provide an easy wasy to do this and it seems that many agents do not use the codes correctly. It's c;ear it varies from area to area.
Not sure about the class but hoping to make it work. I could use a refresher, and of course I get to visit with you!
Jeff