We’re pleased to share the Oahu real estate update for February 2020.
O‘ahu Housing Market Holding Strong and record low mortgage rates continue to drive healthy market activity
According to resales figures released today by the Honolulu Board of REALTORS®, single-family home sales performed strongly again in February with a healthy year-over-year increase of 18.8%, while condo sales saw a slight dip of 1.6%.
Mortgage interest rates continue to average near historic lows, with this week’s average 30-year fixed-rate mortgage falling to a record low of 3.29%.
Single-family homes saw a median sales price of $765,000 or a 3% decline, which is largely due to a boost in sales in the mid-range prices. Homes in the $600,000 to $899,000 range were scooped up by buyers across the island, accounting for 55% of the sales last month. The majority of the total 136 sales occurred in the Ewa Plain region, followed by the Waipahu and Central O‘ahu areas.
Meanwhile, condo sales marked a median sales price of $430,000 or a 3.6% increase from this time last year. Though median condo sales prices continue to climb, more than 75% of the condos sold last month closed below the original asking price. This marks a slight increase when compared to February 2019, when 68.2% of the sales had closed below the asking price.
We’re pleased to share the Oahu real estate update for January 2020.
Single-Family Home and Condominium Sales rose in January 2020. Positive momentum in Oahu real estate market activity continues with a 12.6% year-over-year increase in total sales.
According to resales figures released by the Honolulu Board of REALTORS®, Oahu single-family home and condominium combined sales rose 12.6% over January 2019. Single-family home sales were up 7.7% and condominium sales were up 16.3% for the month. The median price for single-family homes saw a slight increase of 0.3% to $770,000 while condos saw a 7.5% increase to $429,000 compared to the same time last year.
Although new listings were down 18.9% compared to last year, the new listing volume in January 2019 was notably higher than any other January since 2009. Median days on market was 35 days for single family homes and 33 days for condos last month marking the first time since 2014 that monthly median days on market has been above 30 days.
Approximately 41% of single-family home sales occurred in the $600,000-$799,999 price range. This price range also represented the most significant jump in sales volume at 19.8% or 18 more sales compared to January 2019. The most substantial portion of condominium sales occurred in the $300,000- $499,999 price range, while a 51.7% increase in sales volume occurred in the $400,000-$599,999 price range.
We’re pleased to share the Oahu real estate update for December 2019.
December single-family home market activity solid, closing a year marked by positive inventory levels, slight decline in combined total annual sales and flat annual median prices
Oahu single-family home sales were up 19.3% and sold in 40% less time at a median of 18 days on market compared to 30 days in December 2018, according to resales figures released today by the Honolulu Board of REALTORS®. Median sales prices also increased for both single-family homes and condominiums in December, up 4.1% to $820,000 for homes, and 6.8% to $425,500 for condos. The luxury condominium market saw increases in December – condo sales in the $1 million to $1.9 million range more than doubled at 27 sales in December 2019 compared to 12 in December 2018, while condos sold at $2 million and above nearly tripled with 11 sales in December 2019 compared to four sales in December 2018.
While 2019 began with sales declines from the previous year, single-family home sales ended the year with six consecutive months of increases and total sales up 3.9% for the year. Condo sales ended 2019 down in total by 4.8%. The combined annual sales total ended with 9,158 resales, a modest 1.4% decline from 2018.
The year ended with average 30-year fixed mortgage interest rates below 4%, a marked difference from 2018 when rates were on the rise and ended the year approaching 5%. New listings saw increases throughout the year, with total listings up by 3.8% for single-family homes and up 4.5% for condos, which helped inventory to maintain positive levels over 2018 for most of the year. Despite new records for median sales price for both single-family homes and condos set in July 2019, the year ended with median prices on par with 2018. The annual median sales price for 2019 dipped by 0.1% to $789,000 for single-family homes and rose by 1.2% to $425,000 for condos/townhomes from the previous year.
Courtesy of Honolulu Board of Realtors
We’re pleased to share the Oahu real estate update for November 2019.
November marks the third consecutive month of double-digit percentage growth for single-family homes.
“The market continues to show good activity, which is encouraging for this time of year when it typically cycles towards reduced seasonal activity,” said Jenny L. Brady, president of the Honolulu Board of REALTORS®. “We’ve seen growth in sales with stable prices over the last few months. It’s a good time to start working with a REALTOR® who can help buyers and sellers better understand these market conditions and navigate their opportunities.”
Homes sold within the $700,000 to $799,000 price range saw the most significant sales volume increase of 36.4%, while sales of condos in the $300,000 to $499,999 range increased by 12.9%. Overall, year-to-date median sales prices continue to hold steady. The single-family year-to-date median price decreased by 0.6% from $790,000 to $785,000 over the same time last year, and the condominium year-to-date median price remains flat at $425,000.
Courtesy of Honolulu Board of Realtors
We’re pleased to share the Oahu real estate update for October 2019.
The Honolulu Board of REALTORS released both sales of single-family homes and condominiums. Compared to the same time last year, single-family homes in the $400,000 to $899,999 price range saw an increase of 25.0% in number of sales compared to October of last year, while condominiums in the $400,000 to $699,999 range had an increase of 39.0%.
Mid-range to affordable single-family homes across Oahu’s real estate market, are still in high demand. It’s a great time for both buyers and sellers. Mortgage rates have been attractive, allowing buyers more purchasing power.
In October, single-family home sales continue to rise by 12.3% with 347 closed sales. The median price of a single-family home declined by 2.5% to $780,000. The sales of condominiums and townhomes increased by 6.5%, with 472 closed sales. The median condominium sales price for October was $441,000, increasing 13.1% from last October.
New listings for single-family homes increased by 7.5% with the days on the market averaging 23 days. Condominium days on the market averaged 26 days with a 7.0% decline in new listings.
We’re pleased to share the Oahu real estate update for September 2019.
The single-family home market on Oahu increased in the month of September. Single-family home prices rose by 12.3% with 347 closed sales and the median price at $777,000. However, this is a decline of 4.4% from last September’s record high of $812,500.
Home sales prices increased by 8.7% over the same period in 2018 with the year-to-date sales at 2,774 slightly up by 0.8%. The year-to-date median price slipped by a half percent to $785,000 while active listings for single-family homes increased by 13.7% and new listings by 16.2%. In the month of September, there was a 49% increase in sales of mid-priced single-family homes in the $500,000 to $699,999 price range, which contributed to the decline in the median and average sales price.
Condominium sales retreated in September, by 8.8%, while the median price increased by 4.0% to $445,000. Year-to-date condominium sales decreased by 6.7% in September 2019, and the year-to-date median price dipped slightly by 1% to $425,000.
New listings had a gain of 7.8% and active listings increased by 18%.These market conditions show potential for price increases in the single-family home market in the coming months.
We’re pleased to share the Oahu real estate update for August 2019.
August housing sales volume on Oahu was near same levels over last year. Sales of 360 single-family homes slightly increased by 1.7% and sales of 512 condominiums closed with a decrease by 1.7%, respectively, from the same month last year. This brings total single-family home sales on Oahu to 2,427 for the first eight months of 2019, down just 0.7% over the same time period one year ago, while total condominium sales were 3,608, a 6.4% decrease. The median price for single-family homes declined by 2.5% to $790,000, while the condominium median price decreased by 1.8% to $419,500. The year-to-date median prices paid for Oahu properties in the first eight months of this year were $785,000 for single-family homes and $425,000 for condos, unchanged from the 2018 prices for the same time period.
August was a stable month for Oahu’s residential real estate market compared to last year. Sales were at about the same level as 2018 and prices have been steady as well, with the majority of single-family homes and condominiums selling within a narrow price range. We continued to see double digit increases in active listings for both single-family homes and condominiums throughout this year. While properties have remained on the market a little longer, the median days on market is still under a month.
We’re pleased to share the Oahu real estate update for July 2019.
Oahu Single-Family Home Sales increased in July. Median prices for single-family homes and condos reached new highs on Oahu. In July, there were 80 single family homes that sold in the $900,000 to $1,199,999 price range, compared to 51 last year. There were 149 condominiums and townhouses in the $500,000 to $699,999 price range that sold this July compared to 106 last year.
During July 2019, single-family home sales increased by 12.7 percent and condominium sales increased by 2.2% from the same month last year. Median prices also increased, setting new records. The median sales price for single-family homes increased by 5.8% to $835,000, setting a new record since September 2018 at $812,500. The condominium median sales price also set new record heights at $461,500 increasing 7.5% from July 2018 and surpassing the $435,000 record set on March 2018. New listings in July 2019 were up for both single-family homes and condominiums by 0.2% and 4.9%. Active listings showed gains of 17.3% for single family homes and 16.9% for condominiums. According to the Days on Market indicator, the median days for single-family homes was 17 and 26 for condominiums.
Interest rates remain at near-record lows, which should lead to increased buyer activity in the coming months.\
We’re pleased to share the Oahu real estate update for June 2019.
Sales of single-family homes and condominiums on Oahu slowed in June according to resales figures released by the Honolulu Board of Realtors. The median single family home prices increased modestly by 2.3% to $800,000 and condos increased by 3.0% to $432,500. While new listings for single-family homes declined by 8.9% from June 2018, overall inventory increased by 16.7%. The number of newly listed condos increased by 6.3%, as did overall inventory by 13.8%. During June 2019, single-family home sales decreased by 10.4% and condominium sales decreased by 13.5% from the same month last year.
Sales volume in June may have declined from last year, but the Oahu housing market remains very active and competitive.
We’re pleased to share the Oahu real estate update for May 2019.
For the month of May, single-family homes decreased modestly by 1.0% to $770,000, while the median price for condos dipped by 2.9% percent to $417,500. New listings increased from the same time period last year for both single-family homes and condominiums by 5.2% and 7.1%, respectively. The median days on the market for single-family homes was 21 and 27 for condominiums.
The Oahu housing market is experiencing activity similar to that being seen nationally, especially in major metropolitan areas, with moderate shifts in both median prices and sales, along with increases in available inventory.
As for interest rates, the 30-year fixed mortgage rate recently fell below 4% for the first time since January 2018. It’s a great time for buyers to take advantage of the low rates.
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