TOM PRESLER

Hawaii Real Estate Investor Guide

OAHU REAL ESTATE MARKET REPORT FOR JUNE 2020 | ARE WE RECOVERING ALREADY?!

Jul 13, 2020Monthly Statistics, Real Estate0 comments

 

New numbers for June came out last week and I apologize for the delay in posting – it’s been a busy week! The number of closed sales continues to decline when compared to June 2019. We’re starting to see the results of several months of decreased closed sales, with median sales price down 3.8% for single family homes and down 2.5% for condos when compared to June 2019. Closed sales are improving when compared to the three previous months since the pandemic related economic slow-down. It’s too early to call it a positive trend with any of the statistics, and performance going forward will depend on the timing of tourism and the general economy getting back on track. The end of government subsidization of the economy (CARES Act, PPP, PUA) as well as the potential wave of evictions and cloud of forbearance resolutions may also reverse these improving trends.

 

Executive Summary

While total sales are down compared to the same time last year, month-over-month sales increased. Total combined sales were down by 23.3% compared to June 2019; however, from May to June 2020, total sales increased by 22.3%.  Single-family home sales were down by 7.6% compared to the same time last year, but increased 21.8% from May. The median sales price declined by 3.8% to $770,000 compared to June last year. New listings fell short of 2019 by 14.6%, but again saw a month-over-month gain of 13.6%.

Condominium sales remained sluggish, with June sales down 34.0% compared to the same time last year. Month-over-month sales activity saw an improvement with closed sales up 22.8%. New condo listings were down by 20.8% year-over-year, but up by 17.5% from May to June. Sales declines occurred across all price ranges.

Year-to-date, single-family home sales are at 95% of where they were last year, and condo sales are at 78% of 2019 sales. Median prices have been stable – single-family homes saw a 1.3% rise to $785,000, and condos saw a 2.1% increase to $427,750. The month-over-month improvement indicates our market is steadily strengthening as the state reopens. With interest rates at record lows, it’s an opportune time for buyers. We also continue to see pent up demand and low inventory creating advantageous conditions for sellers.

To see the full report, click HERE.  I’m also trying something new with a video summary below.  Check it out and let me know what you think.

As always, a reminder that statistics vary by neighborhood, building, and price bands. If you have questions about your home, building, or neighborhood, please fee free to contact me.

 

 

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TOM PRESLER

RB-20702, MBA, CLHMS, SRS, SRES

(808) 222-4054
[email protected]

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