Single Family Home Stats
We ended up the month of April with a median sales price of $809,000. That's actually a 5.5% bump from a year ago, which is pretty exciting considering the COVID environment that we're in. However, the number of sales were down 22% with 248 sales. That's definitely not the norm we're used to, however that's the environment we're in with COVID-19.
We're also seeing a big drop in the number of new listings coming to market, which are down 45.5%! So, if you're a homeowner and you're thinking about selling, there is way less competition right now. Meanwhile, the overall inventory in the market is down 24.6% from a year ago. Buyers that are serious in the market have a lot less to choose from. If you're thinking about putting your home on the market, now is a great time.
There were 343 condo sales in April. That means transaction volume is down almost 28% from April of last year. This is evidence of the impact of the stay at home rules have had so far on the real estate market. The number of new condo listings in April was also down by about 40%, which means there will be few choices for condo buyers in the coming months. At the same time, prices seem to be holding firm.
The median condo price in April at $450,000 is 7.4% higher than the median was in April a year ago. Buyers are still active in the market and low interest rates are continuing to stay low for the foreseeable future. Although, market conditions are uncertain, the dynamics can favor Sellers who were thinking about putting a property on the market.
Every home is different and every market is unique. To find out what the current market can mean for you, call us anytime. In the meantime, stay safe and don't forget to keep washing your hands. Aloha!