Everyone I know was wrong about the real estate market in 2020. I've been in the business for 21 years now, and I am usually pretty accurate with my predictions, but last year I thought the market would fall dramatically because of Covid, and I could not have been more wrong.
The Hawaii real estate market finished at $870k median price for single family and $455k for condos, both up in the last 12 months, with sales very strong.
Most surprising is that the average home sold in just 10 days, and most sold at asking price or higher! We had many listings in 2020 that received more than 10 offers.
So now with the government printing money and interest rates low, what will 2021 be like? Maybe we will be dead wrong again, but we feel that prices will rise about 5-7% because inventory is low and money is cheap, and everyone wants to live in Hawaii.
We've had dozens of clients coming from CA, NY, NJ, and WA. It's probably going to pick up even more when it's easier to travel, and when people are taking vaccines.
Whatever you think the market will do in 2021, I know for sure, I was wrong in 2020.