67 Groups at Open House Last Sunday!

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Real Estate

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)

HIGHLIGHTS

---> 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

Single Family Homes & Condos - April - July 2020
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. 

  Single Family Home Sales by Price Point - July 2020


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. 

Single Family Homes - Active Inventory - July 2020


JULY 2020 - SINGLE FAMILY HOME PENDING SALES

Pending single-family sales are up 17% over July 2019. 

  Single Family Homes Pending Sales - July 2020


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! :)