November 2019 - Sales Statistics
As we near the end of the year we are seeing a seasonal slowdown in single family home sales. The 71 sales in November is the second lowest number of sales this year. Only January had fewer sales with 62.
Condo sales, which usually start to slow down a bit as the holidays roll around, were surprisingly strong, especially given the inventory situation, which we'll address later.
Pending sales represent properties that are under contract but have not yet closed. They are a key indicator of future sales. Single family home pendings rose to over 500 units again. That is about 10% higher than the number pending in November 2018, and signals that 2020 should be off to a strong start.
The number of condos pending also rose last month. This number has been slowly and consistently rising since August. February had the highest number of pending sales for the year. Pendings slowly sank month after month until hitting the bottom in August. So, maybe we're on the rebound?
Inventory tells us how many units are available for sale in each category. Single family home inventory has been painfully steady for a solid 6 months. According to the MLS, we have almost 6 months of inventory. In real estate terms that indicates a balanced market; not a buyer's market, not a seller's market. However, 83% of the homes currently for sale are priced above the median selling price. So, below the median price it's a seller's market. Above the median is a buyer's market, maybe?
We look at Average and Median prices in all categories. A lot of people like to know the average price; however, we tend to use median for most of our analysis, because median is less likely to be skewed by outliers of a few very high-priced or very low-priced.
The average selling price for homes is still hovering just over $1 million, and the median price remains steady at $733, 897.
The average price for condos dipped just below $700,000, which is a very small change. The median dropped just under $500,000, which is effectively no change.
The days on market is the number of days a property has been on the market until close of escrow. That number seems stable. Normal financed sales take 45-60+ days, so on average homes and condos are on the market up to 100 days before they go into escrow. I believe we are still seeing a downward trend in days on market.
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A hui ho!
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About Aloha Group Maui
Aloha Group Maui was founded by L. Lee Potts, MBA, REALTOR R(B), and Barbara S. Potts, MBA, REALTOR R(B) and former California CPA. We are business people, and we treat our clients with the same care and service attitude that we would like to receive when we do business. We are in business for pleasure and profit. We expect that most of our clients will enjoy the property they own on Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit). Real estate can be highly speculative, and profits are never guaranteed. So fi you are buying property on Maui, it is a good idea to surround yourself with a professional team.
Lee Potts is the former President of an international software company and former Marketing VP of a publicly traded franchise organization. Lee and Barbara are both licensed under Keller Williams Realty Maui.
Barbara Potts was a CPA with Ernst and Young before joining Apple Computer back with both Steve's were there (Job and Woz). She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.