Single Family Home Stats
The month ended up with a median sales price of $765,000 which is down 3% from February of 2019, which was $789,000. Closed sales on the other hand were up 18.8%, which was awesome! It went from 208 sales last year to 247 this year. The Days on Market however have been increasing by 40% from just 25 days a year ago to 35 days this past month.
Sellers are now receiving 98.3% of their asking price, which is incredible. Just keep in mind that is based upon the last asking price before they sold. Sometimes they may start higher, but it's 98.3% of their last of their last asking price. It's still a great market for sellers and Dianne will be sharing what's happening in the condominium market.
Condo Sales Stats
The number of sales year to date for condominiums is up 7.4% compared with 2019. It's an average of about 350 condo sales per month in both January and February of 2020. The number of Days on the Market has increased by 40% staying on the market 35 days instead of 25 days a year ago. Our median price for condos is up by 3.6% to $430,000 in February of 2020.
The number of new listings for condos is down to 369, which is a 3.6% decline from February of 2019. Months of inventory for condominiums remains unchanged at 3.6 months of inventory. We're keeping an eye on that and all of the other indicators because we just had an announcement that the Corona Virus has now been declared a national emergency and we're waiting to see how that is going to impact our real estate sales.
Remember, every home is different and every market is different. If you'd like to find out what this means for you, please call us at Harcourts Island Real Estate - 808-777-4800 Aloha!