Closed sales of single-family homes on Oahu increased 5.6% and remained relatively steady from last month, while condo sales decreased 6.2% compared to this same period the previous year. Year-to-date, single-family home sales are almost back on track with 2019 activity and were down just 0.7%. Meanwhile, the condo market is struggling to recover to pre-pandemic levels and remained down by a double-digit percentage of 15.8%.
The number of single-family homes and condos sold above the original asking price skyrocketed 210.2% and 79.2%, respectively, compared to this time last year. Practically every region across Oahu saw over-bidding activity for single-family homes, though it was most prevalent in the Ewa Plain, Kailua, and Kaneohe areas and the $700,000 to $999,999 price range. The Ewa Plain, Central, and Waipahu regions accounted for the most condos sold above the asking price and were within the $300,000 to $599,999 range.
In a world where reaching people where they are becomes increasingly competitive every day, Sotheby’s International Realty is excited to give its agents the ability to do so like never before.
The new Design Vault is the culmination of the brand’s strategy to integrate content, making marketing initiatives seamless for agents. This latest piece of technology offered to our agents – at no cost – allows for social, digital, and print creative to all live in one place – including print ads, digital brochures, flyers, and more.
Loaded with user-first features like drag and drop, the ability to post directly to major social media platforms like Facebook and Twitter, and pre-populated photography and templates, agents can create and share campaigns in Design Vault in just a few minutes.
The innovative platform reaches more than 23,000 professionals in 72 countries and territories around the world, allowing for the brand to share new material and templates quickly, while also providing a collaborative environment for our talented experts to create eye-catching assets to promote their business as they see fit. Read more about the new Design Vault on Inman.
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Oahu single-family home sales dropped by 0.6%, while condo sales marked a 1.7% increase compared to the same period last year. The modest jump in sales activity is the first year-over year sales increase for the condo market since January.
The median sales price for single-family homes was up 10.9% at $865,000 compared to last year, slightly less than last month’s record-setting median of $880,000. Single-family homes that sold last month spent a median of 10 days on market. New listings were down 17.6% compared to October 2019, but marginally higher than September 2020 at 3.3%.
The greatest shift in single-family home sales occurred in the $600,000 to $699,999 price range, with a 56.8% decrease in sales and a 52.3% drop in new listings compared to last October. The most sales increases occurred in the $800,000 to $1,199,999 range, with sales up 39.2%. Over 50% of the sales that occurred above asking price were in the $700,000 to $899,999 price range.
In addition to seeing year-over-year growth in sales, new condo listings also saw a small increase of 1.7% compared to last year. The largest increase in new listings, at 18.5%, occurred in the $500,000 to $599,999 price range. Condo sales in the $400,000 to $499,999 price range increased by 30.2% with 112 closed sales compared to 86 last year, while 63% of condos sold above asking price were in the $400,000 to $599,999 range. Condos spent a median of 18 days on market.
Yet another sign of the competitive market, the number of single-family homes sold above asking price more than doubled from last year, while the number of condos sold above asking price increased by 63.9%. Properties are spending a median of fewer than 20 days on market.
In accordance with Tier 2 of Mayor Caldwell’s Honolulu Recovery Framework, REALTORS® continue to host modified in-person open house showings, which are limited to no more than five people in a home at any given time. As an essential business, real estate remains open with modifications, and REALTORS® continue to serve the housing needs of their clients, buyers, sellers, and landlords while observing social distancing, wearing a mask and utilizing heightened sanitation practices.
The Spirit of the Rose is a superb and exceptionally rare 14.83 carat fancy vivid purple-pink diamond. In this Sotheby’s video, see the wonder of this exceptional treasure, mined and cut in Russia, and named after one of the world’s most famous ballets.
The unparalleled qualities of ‘The Spirit of the Rose’ make it the largest purple-pink diamond ever to appear at auction, offered as part of Sotheby’s upcoming Magnificent Jewels and Noble Jewels sale (11 November | Geneva).
Click here to watch more Sotheby’s videos.
This article originally appeared on https://www.sothebysrealty.com/extraordinary-living-blog/sothebys-the-spirit-of-the-rose-an-exceptionally-rare-purple-pink-diamond.
We’re pleased to share the Oahu real estate update for September 2020.
The summer season ended on a high note with closed sales of single-family homes surpassing year-over-year activity by 12.7%, while condo sales marked a steady month-over-month improvement of 11.5%. Dynamic activity in Oahu’s single-family home market drove the median sales price to a record of $880,000 and properties are spending a record-low of just nine days on the market.
Sales of single-family homes under $700,000 dropped 36.3%, while homes priced in the $700,000 to $1,499,999 range drove the most activity with 74 more sales or an increase of 39.4% compared to this time last year. Closed sales of homes in the $1.5 million and above range saw a 42.9% year-over-year increase. Notably, closed sales of larger homes with more than 2,000 square feet in interior space saw a 37.9% year-over-year increase. Meanwhile, there is a 26.1% surge in purchasing activity backed by VA loans compared to this time last year.
The condo market fell just shy of maintaining year-over-year activity by 2.1% or about 10 fewer sales. Properties listed in $400,000 to $499,999 and the $600,000 to $699,999 price ranges marked the most activity. The median price for condos held steady at $445,000, though condos sold faster than this time last year with properties spending a median of 21 days instead of 27 days on the market. Closed condos sales also saw a 34.7% uptick in purchasing activity backed by VA loans compared to last September.
The number of single-family home sales closing over the original asking price more than doubled compared to this time last year with 163 sales versus 79 sales. Condos also saw a boost in properties selling above the asking price, with 82 closed sales this year compared to 62 in 2019.
As the market shifts into the fall season, inventory of available single-family homes and condos are down 39.3% and 5.8%, respectively, compared to this time last year. The drop in single-family home inventory is due to fewer new listings entering the market, paired with high demand and strong sales in the third quarter. While the condo market is also suffering from a lack of new listings, the decline in listings has not been as sharp compared to single-family homes. Although condo demand has grown steadily from the second quarter, sales were down 13.4% in the third quarter compared to last year.
Courtesy of Honolulu Board of Realtors