Happy New Year!
We're now mid way through January of 2020 and we're here to give you the market report for single family homes in the month of December, 2019. As you can see it's a little bit cloudy outside as we just finished up the Sony Open here on Oahu this past weekend. The weather was less than ideal, however I think everyone had a great time.
Single Family Home Stats
The median sales price ended up at $820,000 which is a 4.1% increase over December of 2018. There were 309 single family homes sales, which is an increase of 19.3%. So, it's actually been a phenomenal month for Sellers. Days on market were 18, which is down 40% from the previous year at 40 days on market.
Pending sales were up 17.8% and meanwhile months of remaining inventory is down 10.7% and active listings are down 8.6%. Going into 2020, it's a great time to put your house on the market because there are more buyers out there and less available inventory.
The number of sales in December was 428 which was down about 2.7%. That is not a lot. The median condo price on Oahu was up to $425,000. That's an increase of 6.8%. That's pretty good. Our months of inventory at the end of December was up to 3.4 months of remaining inventory. That is a little bit slowing in the way of sales. The median days on market was also up to 30 days, up from 25 days on market in December of 2018 (the year before). The number of pending sales was up 5%, which suggests we might have a strong number of closings this month in January.
2020 is off to a great start and we're wishing everybody a very Happy New Year. We hope to have an opportunity to help with your real estate questions during the coming year. Aloha!