Single Family Home Report
I can't believe it! The median sales price here on Oahu was up nearly 20% from a year ago. This is David Buck with Harcourts Island Real Estate here to give you the monthly stat report for February of 2021. Well, believe it or not, we saw an increase of 19.9% from February of last year. And, now the median sales price here on Oahu is a whopping $917,500 and median Days on Market took nearly a 75% drop from 35 Days a year ago to just 9 Days it's taking homes to sell now.
The market has been on fire. Because of that, we had to fly in a special guest this month. COVID Test and all, we got our Aussie-Californian Ben Brady here. He's going to share a little bit of what's been happening on a national level in California, Oregon, etc.
National Real Estate Trends
Dave, our business as you know is based on the west coast of North America from a predominant perspective and those marketplaces from California all the way up into British Columbia, Canada. Obviously, out here in Hawaii as well have been just so consistent with what you just said. You know, the average sales price is dramatically up. You've got average days on market dramatically down.
The only marketplaces that are seeing any struggle in any shape or form, being those high density populations. So, for example San Francisco. We're also doing some business with our non-distressed auction platform in New York, Maine and over the East Coast and you're seeing a lot of people transition out of say Manhattan, you're seeing a lot of people moving to Maine and getting a little more into those (open) space communities so to speak.
It is a big fuel, fueled by those low rates that are starting to just creep up a little bit. A lot of people are taking action as they think the rates are going to go up and really put the gas peddle down when it comes to them buying. So, as far as I'm concerned, the entirety of North America is absolutely hot at the moment when it comes to real estate, outside of those highly populated densely populated areas where you're seeing more people move out into the communities where they can have Zoom Meetings and everything where they can work from home now.
We're seeing that trend here on Oahu too. We're getting a lot of work from home, "techies" from the west coast, some from the east coast, where they have that opportunity to work from home and our single family product is on fire. What's been feeling a little bit of the hurt (Dianne will be up shortly to talk about the condo market) is areas of 2nd homes such as Waikiki, heigh rises, etc. and we're finally starting to see a rebound in that market here as well.
FOMO - Fear of Missing Out
I think one of the things we're seeing from a final statement is there's a lot of regret and remorse around buyers at the moment saying "Why didn't I make the decision earlier", "Why didn't I just get it done now" because you know in a month or two's time, the escalation of the average sales price is going up so quickly, like you said almost 20% it's just unbelievable, it's an unprecedented push for growth. Don't wait. Just thinking that you might be able to take advantage of the market. It might never come, it might keep being ok for a long period of time because people are appreciating their primary residence now more than ever. Dianne will be up shortly for the condo report for February of 2021. Mahalo
The condo market on Oahu finished February with a roar! Year to date the number of sales in February were up by 20% compared with the first two months of last year. This is Dianne Willoughby bringing you a market update on the condominium market on Oahu. Throughout most of last year, David reported on the amazing strength of the single family market, month after month. And, by comparison my report on the condo market often seemed lackluster.
Well everyone, condos are back. The number of condo sales in February was up for more than 41% compared with February of last year. And, remember last February was pre-pandemic and sales at that time were bumbling along at a steady sustainable pace. So, a 41% increase in February is an indication that there may be some pent up demand for condos that we'll see unfolding in the coming months.
The median condo price in February at $457,500 is up by more than 6% in the same month last year, and condos are selling fast. The median Days on Market dropped by almost 50% with half the sales taking place within 3 weeks after listing. Do you think the momentum will continue? The number of pending sales at the end of February is up by 46%, suggesting that the rally in the condo market could be with us for the next few months.
If you've been thinking about selling a condominium, we'd be happy to talk to you about your options. In the meantime, be well and take care of each other. Aloha!