Oceanside Housing Market Report May 2017

The Oceanside housing market was quite active in May 2017, with some significant changes from the prior month. In this report I did not include private sales nor manufactured or mobile homes (the numbers are taken from the MLS and are believed to be accurate when this report was written, but are not guaranteed).

Here’s what happened:

249 Total Homes Sold (up 21% from April), on the market an average of 24 days, with an average sales price of $510,631 (up 4% from April), Homes sold on average for 98% of the asking price

161 Detached Homes Sold (up 23%) on the market for an average of 24 Days. The Average Sales Price  was $578,576, up 7% from last month. These homes sold for 98% of asking price, on average

88 Attached Homes Sold (up 17%), 24 Days on Market,  with an average sales price of $386,224 (down 5% from last month), at 98% of asking price, on average.

In general buyers were able to negotiate 2% off asking price, however, it’s important to note that 47% of the homes sold for list price or better. The MEDIAN sales price of detached homes was $550,000 (up 4%), and $342,500 (down 1%) for attached/condos.

At the end of May 2017 there were 351 Oceanside homes for sale, which is a significant bump up in inventory over April by 25%. This translates to an inventory of only 1.5 months for detached homes (up from 1.4 months last month) and only 2.2 months for attached homes (the same as last month) based on the current rate of sales over the last 6 months. In practical terms this means the Oceanside market is still very competitive and is a market that favor sellers.

In May we saw 360 new Oceanside listings, up 52% from last month. The number of Oceanside homes going pending also increased dramatically, by 32%, to 263 pendings (excluding homes that actually sold in May).

If I can provide more information about the real estate market in Oceanside or answer any questions, please feel free to get in touch at (760) 840-1360. I would be pleased to discuss your interest in selling your Oceanside home, or buying an new home there, and help you create a strategy to reach your real estate goals!

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