The number of closed sales remained stable this month when compared to last year. There was a small increase in the number of sales for both condos and single-family homes, which has been the trend since May 2020. Similar to other islands, the condo market is coming back at a slower pace than single-family homes.
In October, the median sales price for single family homes increased significantly to $880,000, and in November that price decreased slightly to $852,500. This represents an increase of 16.8% when compared to this time last year. For condos, the median sales price took a dip in November when compared to October dropping from $587,500 to $518,250. However, this is a 3.9% increase in median sales price when compared to this time last year.
Inventory remains low and for the third consecutive month, the number of new listings has decreased. New condo listings have dropped by 31% when compared to this time last year and single-family listings have decreased by 24% when compared to this time last year. The low inventory and large pool of buyers continues to feed the steep competition, making it an ideal time for sellers.
Days on the market continued to trend down last month for single-family homes. The average days on the market for single-family homes was 74 days, which is a 14% decrease when compared to this time last year. The average days on the market for condos was slightly higher in November when compared with October at 92 days. This is an increase of 4.5% when compared to this time last year.