Single Family Home Stats
We finished off the month with a record high of $839,000. That's up 6.2% from $790,000 in August of 2019. We're reporting from our new office in Kahala. It's our first forecast from the office after we got out of Kapahulu last week. Outside of the record median sales price, Days on Market were down 44.4% which is another great sign for Sellers. That went from 27 days in August of last year to just 15 days this year.
New listings were down 20% from last year, pending sales were up 24.2% and active listings were down 34.9%. There's just way less homes on the market to sell right now. Last year at this time there were 1568 homes for sale. This year there were only 1021. That's crazy and that's the COVID environment we're dealing with. Last, but not least, Sellers were getting 98.7% of their asking price, which is phenomenal.
Compared with the single family home market, the condo market is struggling to recover from the 5 months of COVID-19 restrictions. There were 409 closed condo sales in August - 20% fewer than August of last year and 4% fewer than the number of sales last month in July. August is usually one of the most active months in the summer, our selling season. But, this year the number of sales failed to reach 2019 levels and the month to month trend does not show signs of strengthening, like we're seeing in the single family homes market.
The number of new listings is down by 7.6% and the median number of Days on Market is steady at 23 days. The bright spot for Sellers is the median price for condos in August at $430,000 is up by 2.5% compared with August last year. Limited inventory and very low interest rates make this a great time to sell.
If you'd like to talk to us about your options, we're working from our new office at the Kahala Professional Center and virtually by way of Zoom. Be well, take care of each other and keep washing your hands. Aloha!