Single Family Home Market Report
David is on location from his beautiful new Harcourts Auctions listing in Kaneohe. It's a beautiful day on a Sunday with Coconut Island and Chinaman's Hat in the background. We finished off the month short of a record high at $865,000, which is a 10.9% jump in median sales price from last year, where we were only at $780,000.
Median days on market was phenomenal once again for Sellers with just 10 days. A year ago, we were at 23 days on market. New listings are down 17.6%. So, that's the constraint we're seeing in the market with supply. Pending sales are up 22.1%. Things are cooking amidst this Corona Virus and coming off the back of election week here.
Months of remaining inventory remains low at 1.8 months, which is down 47% from a year ago. NAR (The National Association of Realtors) says anything less than 6 months is considered a Seller's Market and we're currently at 1.8% months. Active listings were down 37.7% from a year ago. There were over 1500 homes on the market this time last year, whereas today there were only 941.
So, that's what's driving this market here folks - just the lack of inventory. If you're thinking about selling, now might not be a bad time. Our average sales price is up 15.2%. The luxury market is picking up as well. The median price was up over 10%, whereas the average price was up over 15%. There's definitely strength in the market. Last, but not least Sellers did get 100% of asking price (on average). Some were above 100%, some were below and some did not sell (that happens), however those that did sell in the month of October got 100% of their asking price!
Condo Sales
Today, Dianne is happy to report that there were more condo sales in October this year than there were in the same month of last year. This is the first time since March that sales have outpaced the same month's sales from a year ago, and it's an indication that the condo market may be bouncing back to normal levels of market activity. Along with the number of sales, the pace picked of sales picked up in October. Half of the condo sales in October closed in 18 days or fewer this year, compared with 26 days in October of 2019.
The median price for condos has remained steady in October, 2020 at $439,500, roughly the same as in October of last year. Looking forward to the end of the year, as we have more visitors arriving from the US mainland and Japan the number of active condo listings is down about 5% from October of last year. So, if you're thinking about selling a condo, this could be a great time to explore your options.
We look forward to talking to you about your real estate needs. Until our next report, be well take care of each other and don't forget to keep washing your hands :) Aloha!