Single Family Home Stats
We finished off the month with another strong showing with a record sales price of $880,000. That's a 13.3% increase from just a year ago, where we were sitting at $770,000. The median days on market saw a huge drop. They're down 69% from 29 days last year (which was phenomenal) to just 9 days this year.
New listings are not really making it to market and that's what's really driving this - is the lack of inventory. New listings are seeing 18% less homes coming to market than we were a year ago. However, pending sales are up 38.3%. So, once again it's super strong for home owners if you price your home well.
On average homes are getting 100% of asking price of those that are selling. The number of homes on the market, which is what Buyers have to choose from is down significantly. It's down 39% from a year ago. If you're a home seller and you're thinking about selling and price your home right, now can be the time.
Another exciting thing I wanted to share with you is the lack of the economy being open here with COVID has primarily being driven by local buyers and working class housing. We might see an uptick with the luxury market. That'd be my prediction because a lot of the buyers that would like to purchase here for a 2nd home haven't come because they've had to quarantine for 2 weeks. Well, that's going to go away come tomorrow. On October 15th, you will no longer have to quarantine for 2 weeks if you text negative for COVID ahead of time.
I just got back from the mainland a few weeks ago and just coming out of quarantine (hence the beard) and I'm excited to get out there and get some real estate sold. I've got a few exciting listings I'm planning to launch this coming week for Harcourts Auctions, so stay tuned... Mahalo.
Are you ready for some good news for a change? You may recall that condo sales have been lagging behind single family home sales for the past 6 months. This spring and summer while the single family homes market has continued to post strong sales numbers and substantial increases in median sales prices, the number of condo sales in each of the past 6 months has been running 20-30% to even 50% behind the numbers of sales in the same months pre COVID-19.
Well, the month of September may signal a strengthening in the condo market. The number of sales in September of 2020 at 456 was just 2% below the number of sales in September of last year. Another bit of good news is the median sales price was unchanged from last September at $445,000 after bobbing below last years monthly median prices in 4 of the past 6 months.
These trends may continue as we look ahead to the 4th quarter. With new condo listings down by almost 10% compared from this time last year, we may see a bit more heat in the condo market as we wrap up 2020. Each market is different and every home is unique. If you'd like to talk about opportunities we see in our current markets, please contact us. In the meantime, be well, take care of each other and keep washing your hands :) Aloha.