As you may have heard, despite the pandemic we are seeing dramatic moves in the real estate market.
BUYERS are benefiting from historically low interest rates hovering BELOW 3%.
SELLERS are benefiting from very low inventory, driving the prices of their properties up.
This past Sunday, August 16, 2020, I attended an open house of a Kaneohe single-family home in the $800K range. This first open house had a total of 67 groups attend the open house!
(As an aside, all attendees provided contract tracing information, were symptom-screened, and had their temps taken, and only 10 attendees could be in the home at any given time).
As expected, this property received MULTIPLE offers significantly over asking in only a few days on market.
I wanted to share both this particular anecdote, as well as some hard numbers to give you a data-driven snapshot of what's going on in our Oahu market.
Considering the numbers I share below, if you or your loved one have a property to sell, more specifically a single-family home under $1,000,000, now may be the time to act.
On to the stats...
SINGLE FAMILY HOMES & CONDOS APRIL - JULY 2020
(AS COMPARED TO 2019)
---> We were hit incredibly hard in April and May due to to the Coronavirus
---> In June and particularly in July we see signs of recovery
---> Part of the reason for the decrease in unit sales is that inventory is substantially lower than 2019
---> Single-family homes have seen a particularly strong recovery
JULY 2020 SINGLE FAMILY HOMES SOLD
As you can see, pricepoints under 1.3 million, and particularly under 1 million, are seeing a LOT of activity.
JULY 2020 - SINGLE FAMILY HOME ACTIVE INVENTORY
As you can see,
--> In July 2019, we had 1621 single-family homes available for sale
--> In July 2020, we had nearly 500 LESS homes available, with only 1136 in active inventory.
--> This explains the many multiple offer situations we have been seeing lately.
JULY 2020 - SINGLE FAMILY HOME PENDING SALES
Pending single-family sales are up 17% over July 2019.
As you can see, there's a LOT of opportunity for single-family home sellers at the moment. There's also a lot of opportunity for condo buyers, given that condo inventory is substantially higher.
As always, every neighborhood, every condo building also has its own micro-market.
If you'd like information on any specific area, building, or property, please reply with what you'd like to know and I'll get you that info straight away.
I remain at your service.
PS Especially in these uncertain times, I love taking walks and capturing shots of the many beautiful flowers...Enjoy! :)