Ewa Beach in Review: 2013
The following is the Local Market Update for Ewa Beach in 2013. The data shows a lot of interesting trends vs the same month last year and also when you compare the years to date.
New Listings – SFH listings this year compared to last year were up 19% for the month and 33% for the year. Condos were down 5% for the month but up 37% for the year. This is great news for buyers because there are more options when shopping.
Closed Sales - SFH sales this year compared to last year were up 39% for the month and 21% for the year. Condos were up 31% for the month but up 23% for the year. This is great news for sellers because it means that even though there is more inventory, it is still selling briskly.
Median Sales Price - SFH median sales price is up 12% for the month and 13% for the year when compared to last year. Condos went up 14% for the month and 6% for the year. Double digit raises in value are excellent for sellers. It is a welcome change to the downtrend of the last 5 years or so and it should have an impact on the number of short sales coming onto the market. With the raise in value, less homeowners will find themselves underwater.
Median Days on Market - The time spent on the market before an offer is accepted has dipped dramatically. SFH are down from an average of 32 days to 17 days comparing month to month and 28 days to 17 days when looking at year to date. That is a 47% and 39% reduction! Condos fair even better. Month to month went from 28 to 15 days (46% decrease) and 26 to 15 for year to date (42% decrease). This is great news for sellers. Your home is less likely to sit on the market for a long time with showings and open houses being a constant disruption. With this time frame, you might sneak in 1 or 2 open houses and a few private showings before you have an offer on the table.
In conclusion, there are a lot of properties on the market and their median price has gone up, but there are also a lot of buyers shopping and taking advantage of the still extremely low interest rates. Now is the time to both put your home on the market and to go shopping for one!
I hope these tips have been helpful. If I can be of any more assistance please don’t hesitate to ask. Let me show you why Cathy Pierce is A House-SOLD Name!