Later we’ll take a look at some flippers around the normal beat, Carlsbad to La Jolla, but first let’s review the December stats in Oceanside’s 92057.
Northeast Oceanside was one of the first zip codes in the county to feel the full impact of the real estate collapse. We saw 50%-plus declines in value around 92057 over a year ago – is it a precursor to what will happen further south?
If so, might this happen in your area?
The mix of the 64 December SFR sales from 92057, and how the buyer financed:
REOs: 17 (10 conv, 6 cash, 1 VA)
Short Sales: 17 (7 FHA, 6 conv, 2 cash, 2 VA)
Regular Sales: 13 (8 conv, 2 cash, 2 VA, 1 FHA)
Flippers Selling: 9 (3 FHA, 3 VA, 2 conv, 1 Cal Vet)
Brand New Tracts: 8 (7 conv, 1 cash)
If you wanted to buy a regular house with a regular seller in 92057, you were limited to 23% of the resale market in 92057 last month.
Will this bank-dominated environment come to more areas of the North San Diego County Coastal region? Will 1 out of 6 resales be a flipper-finish, like it was last month in 92057?
Overall, the buyers used 52% conventional, 17% cash, 17% FHA, and 14% VA financing.
Statistically, it looks like a fairly stable market, year-over-year for 92057:
|Year||# of Dec Sales||Avg. $$/sf||Avg. SP||SP:LP||DOM|
Speaking of ooze, for Frank Zappa fans: I Am The Slime video