Single Family Home Stats
David is on location at his auction listing at the base of Diamond Head at 3748 Kepa St. It's a beautiful home with an auction coming up next week on June 18th. As far as the single family home sales went for the month of May, we ended up with a median sales price of $797,000, which was up 3.5% from May of last year.
The numbers of sales were down 22% from last year with 248 sales. Meanwhile, the median days on market was just 13 days. So, it's tight on inventory and tight on sales. However, it's a great opportunity for Buyers amid this Corona Virus.
Condo Stats
As we expected, condo sales took a hit in May, 2020 with only 254 sales. The number of closed sales is down by more than 50% compared with May in 2019. Sales were particularly hard hit for condos priced above $1 million, where the number of sales was down by more than 85%.
Partly because there were fewer sales at the top end of the market, the median sales price in May of $399,000 was off by about 4% compared with last year. The number of new listings was down by about 30% in May, which led to a big reduction in inventory. But, properties that are listed have been selling quickly. The median days on market was down by almost 15% to 23 days. So, this is an excellent time to list if you've been thinking about selling a condominium.
Looking forward, the number of pending sales at the end of May is down by more than 44% - suggesting that these market conditions may continue into June. Interest rates remain at enticing lows and the demand for market priced condos seems to be outpacing the supply.
So, get in touch with us if you'd like to take advantage of the current market. Take care of each other, be safe and don't forget to keep washing your hands. Aloha!