Single Family Home Report
You're not going to believe this, but we just hit another record sales price for single family homes on Oahu. This is David Buck with Harcourts Island Real Estate and I'm here to give you the market report for January of 2021. We hit a record price as I mentioned at $883,000 for the median sales price and that is up 14.7% from just January of 2020 prior to COVID. Back then we were looking at a price of $770,000 and now we're all the way up to $883,000 within the span of a year.
Sales overall were up 9.8% with 291 sales on the island. Days on market are down 74.3% with just 9 Days on Market! A year ago it was 35 Days on Market. So, it's a strong market for Sellers. Active listings on the market are down 34.7% with only 790 homes on market. A year ago, there were 1210 homes on market, so that is a dramatic drop in inventory, which is creating this frenzy for Sellers. The last time I saw inventory this low was back in the '05-'07 "bubble". Whether or not we're in a bubble now, I think there's a lot of strength in the market and only time will tell. It's not that often you see active homes on the market here on Oahu under 800 homes. That's a dramatic drop (like I said) from 1210 from just a year ago.
If you're thinking about selling, now is a great time. If you're a buyer in the marketplace, it is competitive out there, however there are still some pockets of areas. I just got 2 clients with accepted offers over the weekend. If you're just patient and willing to give it a go.
Aloha, this is Dianne Willoughby with a look at the condominium market in January 2021. Let me just say.. YAY CONDO MARKET! The pace of condos sales we reported in December continued into January and 392 sales closed last month, an increase of 3.4% compared with January of 2020. Remember January of 2020, that was before most of us had heard of the Corona Virus when the market was bubbling along with healthy activity. The fact that we had more sales last month than in January of last year is certainly an indication that the market is bouncing back after nearly a year of sluggish sales and I am optimistic.
Another bullish indicator is the median condo price in January was up by 5% compared with January of last year to $452,000. The statistics so far for 2021 seem to describe a sustainable rate of sales growth if trends continue into the coming months and interest rates remain as low as they are now.
Maybe it's time to buy a condo? Take a look at this one at 1535 Punahou St. priced at $308,000. You can own this for about the same monthly cost of what you're currently paying for rent. This lovely apartment has 2 bedrooms and it is just right for a first time homebuyer or an investor. If you'd like to see it for yourself, just get in touch with me.
In the meantime, be well, take care of each other and don't forget to keep washing your hands.