December 2020 Market Recap - Oahu

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Real Estate

While 2020 had its ups and downs, the housing market has not been negatively impacted. As mortgage rates continue to sit at record breaking lows, December saw increases in sales prices and decreases in the number of days on the market for single family homes and condos on Oahu.

In December 2020, there were 420 single family homes sold on Oahu, which is a 35.9% increase over December 2019. Condos saw an increase of 20.1% over December 2019, with 514 units sold. The  median price for single family homes on Oahu was $870k and for condos, it was $455k, with 6.1% and 6.9% increases over December 2019 respectively.

Not only are homes selling for higher prices than they were in 2019, they're also selling faster! Single family homes had a median of 10 days on the market in December 2020, which was 44.4% faster sales than December 2019. For condos, the median number of days on the market was 19, 36.7% fewer days than last December.

Oahu homes are selling fast, and if the market continues at this rate, there is 1.4 months of inventory. This is a 44% decrease in months of inventory over December 2019. There are 3.3 months of inventory remaining for condos; this is 2.9% lower than December 2019.  

More and more, families are finding the  need to change up their home to meet todays working and learning at home situations. It is my opinion that this has had a large impact on the market's trends, and as the pandemic continues, and more people are working and learning from home, it doesn't look like it's going to slow down.

It is definitely a seller's market, and if you've considered selling, I highly recommend that you contact a realtor like myself for a free home valuation. It is a service we are happy to provide. 

If you're ready to buy, it's a great time to talk with a lender to get pre-approved and start shopping for your dream home or condo! Contact me for any of your real estate needs.

Data gathered from Honolulu Board of Realtors monthly stats report