Single Family Home Report
We finished off the month strong with a median sales price of $872,500. That was an uptick of 9.8% from last year and just shy of September's record of $880,000. So, it's been a strong month for Sellers. There were 338 homes that transacted in the month, which was up 5.6% from a year ago.
Pending sales also saw an increase with a 34.1% uptick from for the number of sales under contract. Once again, months of remaining inventory is really low, which is 1.8 months. That's down 41.9% from just a year ago. Active listings on the market, like we talked about last month, there's.a shortage of inventory out there . There were only 934 homes for sale last month, which was a 34% decrease from just a year ago. Across the board, homes were getting 100% of asking price*
* Homes receiving 100% of asking are those that are actually selling.
We're sorry to report that the strengthening we saw in Oahu's condo market last month didn't continue through November. The number of sales across the island was down by 6% this year compared with November of 2019. Year to date, the number of condo sales on Oahu was down by more than 15% this year compared with last year. But, this isn't too surprising since we lost much of the spring selling season due to the COVID-19 related shut downs.
The median price for a condo on Oahu has remained stable even in spite of the fewer number of transactions. At $420,000 the median price is relatively unchanged from last year. Sales are keeping up at a very brisk pace. 16 Days on the market is the median number. That's just over 2 weeks. The number of listings is down by 6%, so inventory is somewhat constrained.
We expect the condo market to post a strong finish this year with 670 pending sales, which is 10% more than in November of last year. How can we help you make sense of this market? If you'd like to talk about real estate, please get in touch. In the meantime, please be well, take care of each other and don't forget to keep washing your hands. Aloha!