Higher Prices and less days on market are the current trends in 2020, will it continue?
Homes in Mariners Cove whether on the marina or off the marina are in demand. Like most of Hawaii Kai and indeed most of Oahu, single family homes, especially those priced between at $1- 2 million sell quickly.
Mariners Cove Home Sales
During the six months between November 2019 and May 2020, 7 homes were sold in Mariners Cove. Five homes off the marina sold for a median price of $1.1 million. Two marina front properties sold, one at $2 million and one at $2,121,000.
During the past six months, June through November 2020, we see the same number of sales as in the previous six months. Of the six sales that are off the marina, we see a median price of $1,195,00. Only one marina front property in the Cove sold during the past six months and it closed at $1,700,000.
We can really only look at the interior units as a fair indication of what is going on in the market. The marina front properties that have sold are too few to give us an accurate measure of current market price.
Comparing the past six months sales to sales during the previous six months, prices increased by just over 8.5%. Days on market decreased from 80 down to 38.
Will Hawaii’s Real Estate Boom Continue?
The question that I hear every day is “will the real estate boom continue through 2021? Should I sell now or should I buy now?
The answer?
No one knows for sure, but here is some key information that can help guide us in our decision-making:
- The most recent sales statistics on Oahu show that single-family homes are selling at the same rate as a year ago, but at a higher price. This especially is true for Mariners Cove as we can see from the statistics above.
- Inventory, in the single-family median price market, is very low and likely accounts for the flat sales.
- Mortgage interest rates remain low, which pushes prices relatively higher.
Past-Due Mortgages during the Pandemic
Nationally, one in every 12 mortgages is past due – unfortunately the local statistics are harder to track. Foreclosures are further down both nationally and locally than one year ago. This is good news! It seems the recent government stimulus may have helped keep more people solvent for the time being.
Ultimately, it seems that real estate is the part of the economy that has best recovered from the COVID-19 slowdown, both here in Hawaii and on the continent. The best advice that I can give to those who ask is to take the time to evaluate your family’s financial health, work with your professional real estate advisors, and thoughtfully develop a plan that works for your specific needs.
