Single Family Home Stats
We finished off the month with a median sales price of $810,000. That's up 3.5% from last year. Meanwhile, we had a nice bump in the number of sales, which were up 9.8% to 303 sales for the month. Now keep in mind, most of these sales were under contract prior to Corona Virus. The numbers are looking really good. Days on Market were actually down 37.5% which went from 24 days last year to just 15 days this year. We'll see how that transitions into April stats as this takes into effect the Corona Virus situation because numbers of new listings hitting the market are actually down 16.7%.
Condo Stats
The condominium market already appears to be showing signs of slowing. The number of closed sales at the end of March was down by about 12% compared to the number of sales that closed in March of 2019. Median prices are still strong. The median price in March of 2020 was $435,000, which was up by about 1.4% compared to March of last year.
The real indicators that we're keeping an eye on are the number of new listings which are coming on the market in March of this year. That was down by 14% and we also track the number of pending sales. Pending sales were down by almost 12%. These are both indicators that suggest we're likely to see a shift in market dynamics with fewer homes on the market and reduced inventory. If you've been thinking about putting your property on the market, please contact us:
David E. Buck, Realtor 808-371-3509
Dianne Willoughby, Realtor 808-347-9945
We'd love to talk to you about what this shift in inventory might mean for you.
In the meantime, be careful, stay safe, stay at home and don't forget to wash your hands :) Aloha!