There were a number of shifts in the Oceanside housing market in March 2020 compared to February – here’s what happened.
194 homes sold in Oceanside’s 4 zip codes, an increase from February sales by 22%, and the second consecutive increase in sales.
Detached Homes Sold – 113 (27% more), averaging 21 Days on the Market; the Average Sales Price was $651,495 (up 8%); the Average Sales Price was 99% of original asking price
Attached (condos, town homes) Homes Sold – 81 (16% more), averaging 23 Days on Market; the Average Sales Price was $406,296 (down 7%); the Average Sales Price was 99% of original asking price
Sales volume rose substantially overall, with increases in sales of both detached and attached homes. The average marketing time decreased for both detached and attached homes to about 3 weeks. Almost half of the homes (45%) sold in 7 days or less, so buyers made decisions quickly.
18% of the March home sales were cash transactions compared to 14% in February. The average sales price increased for detached single family homes, but was lower for attached homes.
On average buyers were able to negotiate 1% off the original asking price, but at the same time over half of the home buyers (55%) paid full price or better for their homes, no doubt due to the competition.
The median sales price of detached homes ($612,000) was higher than last month by 6%; the median price for attached homes ($385,000) was 3% higher.
At the end of March there were 257 Oceanside homes on the market, ranging in price from $227,000 to $3,950,000. This is a substantial increase in inventory by 26% from February, and the 3rd significant improvement, which was good news for buyers!
At the end of March Oceanside had a supply of only 1.6 months for detached homes, and 2.5 months for attached homes, based on the rate of sales over the last 3 months. The Oceanside market remains a very strong seller’s market overall, given buyer demand and supply, especially for detached homes.
252 Oceanside homes were listed in March, 9% more than February, around 8 new listings per day. On the other hand the number of Oceanside homes going pending decreased from 189 last month to 146 (excluding homes that actually closed in March). Despite the health issues and the stay-at-home order we saw a relatively busy month.
If you are interested in more details about the Oceanside real estate market (e.g., 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, timing and budget. Then we can discuss a strategy to get you into a new Oceanside home in 2020, and/or sell your current Oceanside home!
We’ll also discuss the issues to be aware of when buying or selling these days due to COVID-19, the CDC recommendations, and the shelter-in-place order that impacts showings and sales. There are particular procedures and recommendations that are to be followed for both buyers and sellers