It’s important to understand the local real estate market conditions in Oceanside if you are going to buy and/or sell a house, since those conditions can significantly impact your buying and selling decisions.
146 homes sold in Oceanside’s 4 zip codes in April 2020, a decrease from March sales by 25%, and a trend seen in other communities. Here’s what happened.
Detached Homes Sold – 90 (20% fewer); 21 Days on Market on average; the average sales price was $925,188 (4% lower); the average sales price was 100% of original asking price, so not much negotiation happened in general.
Attached (condos, town homes) Homes Sold – 56 (down 31%), 28 Days on Market; the average sales price was $438,293 (8% higher); the average sales price was 99% of original asking price
Sales volume dropped overall fairly substantially in April, with fewer sales for both detached and attached homes. Average marketing time was the same for detached homes, at 3 weeks, but was 5 days longer for attached homes on average, so buyers made buying decisions fairly quickly.
10% of the April home sales were cash transactions. The average sales price increased for attached single family homes from last month, but dropped modestly for detached homes.
On average buyers were able to negotiate only 1% off original list price. But at the same time over half (55%) paid full price or better for their homes. No doubt this is the result of competition and multiple offers.
The MEDIAN sales price of detached homes was 2% higher than last month at $621,500; the median for attached homes was 4% higher than in March at $398,750.
At the end of April there were 346 Oceanside homes for sale that ranged in price from $235,000 to $3,980,000. This is a significant bump up in inventory by 35%, the 4th substantial improvement in housing supply, and good news for buyers, despite our pandemic!
The current inventory is about 1.6 months for detached homes, and 2.6 months for attached homes, based on the rate of sales over the last 3 months. Thus the Oceanside market remains a very strong seller’s market overall considering buyer demand and supply, especially for detached homes.
200 Oceanside homes were listed in April, which was 21% fewer than last month. That’s still 4 new listings per day, however. The number of homes going pending also decreased, from 146 to 133 (excluding homes that actually closed in April). However this was still a relatively busy sales 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!
It’s important to know that there are specific CDC recommendations in place, and new procedures to follow due to the SIP Order to protect buyers and sellers. In particular these impact showings for both buyers and seller. I’m happy to answer any questions you have about what this means for buying and selling during the pandemic, and any decisions your might want or need to make about your Oceanside home.