Single Family Home Report
Happy New Year! We finished off the month for single family homes with a median sales price of $870,000. That was a 6.1% increase from December of 2019. Closed sales were up 35.9% from just a year ago and the median days on market dropped dramatically, down 44.4% to just 10 days on market.
Months of remaining inventory remains low with a 44% drop from December of 2019, finishing off with just 1.4 months of remaining inventory. Now, keep in mind the National Association of Realtors says that 6 months or less of remaining inventory is considered a Seller's Market. We're now at 1.4 months. Homes in December on average sold at 100% of asking price.
We're excited what 2021 has in store for us. I don't think it could be any more of a roller coaster ride than 2020 was, but the way it started out so far, you just never know..
The condo market finished strong in December, rebounding from almost a year of sluggish sales. There were 514 sales in December, which was an increase of 20% compared with December of 2019. This is amazing, because in 7 of the 9 months since the pandemic arrived in Honolulu condos lagged far behind the rate of condo sales in 2019. In our November report, we reported to a large increase in pending sales as a positive sign. And, sure enough with a boost from strong December sales the condo market on Oahu ended the year just 13% behind the sales in 2019, despite a year of poor performance.
The growing number of sales in December was accompanied by stronger prices. The median price in December at $455,000 was almost 7% higher than the median price in December of last year. Looking ahead to 2021, pending sales are up by almost 30%, possibly signaling that the strengthening we've seen will continue into the new year.
We send everyone warm wishes for a lucky and happy new year. We'll be here anytime in 2021 you'd like to talk to us about real estate. In the meantime, take care of each other, be well and don't forget to keep washing your hands. Aloha!