Happy Fall Everyone! The leaves are beginning to turn brown…well, the leaves that are dead are brown, but the rest are still green #fallinhawaii. In fact, thanks to a couple HEAVY rain storms, the island is extra green and lush!! Speaking of green, green arrows mean median prices are up along with closed sales! Let’s take a look at the stats for October and see if there’s anything new to report…
The first two big green arrows on our graphic has the number that everyone seems to exaggerate, median prices. Yes, it’s true that median prices are up for both single-family and condo homes (1.3% & 0.4%, respectively over October last year), but that’s only a minor bump. Look for that number to plateau over the last two months as we head into the holidays!
The more impressive number to me is the number of closed sales, which showed another impressive month of gains in both single-family and condos (up 6% & 14.3%, respectively over October last year). This continues the trend towards tight inventories, with no relief in sight. Look for a big jump in December as investors try to squeeze in sales before the end of the year.
Overall, the market is still favorable towards Sellers thanks to restrictive inventories. That doesn’t mean prospective Buyers are completely out of luck, but patience is still the name of the game. If you’d like more information, let me know!