Single Family Home Stats
We finished off the month with a median sales price of $815,000. That was down just 2.4% from last year. Given the COVID environment we're in, that's actually not that bad. Most of the months over the past several years we were trailing that high $700,000 range. So, to finish at $815,000 or north of $800,000 is showing some great strength.
The number of sales were down about 3% with 361 sales on the island. Once again, considering quarantine and the lockdown here on Oahu, we're fairing quite well. To cap that off, the median days on market was only just 13 days for single family homes vs. 17 a year ago. That's a 23.5% drop. Also showing signs of strength for Sellers in particular is the inventory. There were 1136 homes on the market in July compared to the year before where there was 1621 homes for sale. That's a drop of 29.9%.
Sellers are apprehensive about putting their homes on the market, however those that are are achieving great results because the average price received compared to list price for last month was 98.8%. Whereas July a year ago was only 96.1%. It's a great time to be a Seller. It's also a great time to be a Buyer as interest rates are super low. It is a little competitive out there, especially in that "bread and butter" single family price range.
Do you think the Corona Virus has had a larger impact on the single family home market or the condo market so far this year? The number of single family homes that sold in January-July of this year was down by just 4.5% compared with the same period in 2019. Condo sales have not faired as well. Through the end of July 2020 the number of condo sales is down by more than 21% compared with the first 7 months of last year. But, it looks like the condo market is improving. In the month of July, condo sales were down just 17% compared to July of 2019. As bad as this sounds, it's an improvement from June when condo sales were down 34% and from May when sales were down by more than 50% compared with the same months in 2020.
It looks like the market is strengthening. The pace of sales is brisk with a median of just 26 days on the market, the same median as in July of last year. Year to date condo prices are stable compared to last year with a median condo price of $430,000 through July, 2020. Demand continues to be strong and prices are holding. This could be a great time to get in touch with us if you've considered selling a condo in Honolulu.
Contact us with any questions you have about real estate. Be well, take care of each other and keep washing your hands. Aloha!