Updated: May 5
Kailua, in April, was a healthy seller's market due to low inventory and healthy demand from buyers - the same number of homes went under contract April 2020 as April 2019. This indicates buyers are still buying in Kailua. The issue at hand is there are 28% less homes to choose from than last year, since not as many homes are being listed. We are down - So this is creating multiple offers and keeping prices up.
What's interesting to see is the price point breakdown. The higher priced market has slowed 50% island wide (read more on Oahu April 2020 stats here.) Kailua slowed even more than 50%... The image below shows how many homes in each price point went under contract. I typically would not put 1.35-2million in one group - but there were so few in that range in 2020 that I did. It seems that the entry level homes below 1.3million in Kailua are moving fast. I suspect even at a slower pace of coming on the market, the higher priced homes will stay on the market even longer than before.
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