Home Sales Stats
We ended up the month with a median sales price 3.8% to $770,000. We also had a decrease in the number of sales with 302 sales and that's 7.6% down from June of 2019. Days on market also saw an increase of 11.1%. So, the market has been slowing due to COVID and that went from 18 Days last year to 20 Days on Market, which is still relatively good for Sellers.
Since last year, we've seen a 25.8% drop in active listings. There's not as much on the market, so those that are considering selling it can be good because there is not as much competition.
David is on site at his beautiful Harcourts Auctions mid century modern home. We've received a bunch of offers on it, however it is still available. Feel free to reach out if you have any questions on this property.
Condo Sales Stats
After more than 3 months in the COVID market environment, the number of condos that sold in June of this year was still 34% below the number that sold in June last year. Although, that is an improvement compared to the number of sales in May which was down by more than 50%. The condo market does not appear to be regaining momentum as well as the single family home market.
Condo prices are holding pretty steady with the median price of almost for $428,000 year to date which was about 2% higher than the median price in June of last year. So far, the smaller number of sales hasn't resulted in price cutting.
Looking ahead, both new listings and pending sales are both down by more than 20% compared with June, 2019. The slower pace of sales has resulted in 4.1 months of inventory currently on the market, the highest number we've seen in many years. We will be keeping an eye on inventory and transactions in the months ahead.
If you'd like to talk to us about what current market conditions mean for you, we'd love to hear from you. In the meantime, be safe, take of each other and keep washing your hands. Aloha!