I have been talking to my military clients recently who will be arriving for their new duty station on Oahu or will be heading out of Oahu to their new duty station OCONUS or CONUS. They are all concerned with that move inbound or outbound, the state of their orders due to COVID-19, and how COVID-19 will affect how they list or buy in the current market. Because Real Estate is everchanging, always in flux, the key is to have the most current information. Technology allows us to do that in real-time, so I thought it would be a good idea to have a link that you could bookmark, and revisit often so that you can check the status of a certain market for changes at a moment’s notice, in real-time.
I have included single-family home stats for Mililani, Mililani Mauka, Ewa Plain, and Kapolei. The stats included are median price, the number of new listings, the total number of homes for sale, months supply of inventory, and the percentage of list price. All of these stats are for the last 12 months.
Median Sales Price
Median Sales Price gives you an idea of where the market is headed. Are prices still rising? Leveling off? Maybe even compressing in some neighborhoods?
New Listings stats will let you know how supply and demand levels are functioning. More homes coming on will possibly mean a Buyers market in short order. Fewer homes vs demand will favor Sellers.
Total Homes for Sale
Total Number of Homes For Sale will give you an idea of the size of the inventory and its fluctuations.
Month Supply is a very important stat. It will let you know, at this current pace of the market, how long will it take to sell all of the current inventory if nothing else comes on the market. The shorter the timeframe, the hotter the market. Longer timeframes suggest a possible cooling off.
Pecentage of List Price
Percentage of List Price is the percentage of what properties list for and what they actually sell for. Recently all 4 of these markets have been fairly hot with percentages exceeding 100% (over asking offers) for Mililani Mauka and Kapolei. When you see the list to sold percentages dropping, it may be a sign that it is becoming a Buyers market.
Want to Know More?
There are so many other variables to our market and the current situation. One thing we can be sure of, we need to have a pulse of what is happening day to day. If you need stats on other areas or help to interpret any of these stats, don’t hesitate to reach out. I am at your service.