Honolulu Real Estate and Community News

Sept. 26, 2019

August Market Update and Bill 89 Short Term Rentals

Do you know anyone affected by Bill 89, regarding short-term rentals?

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O'AHU HOUSING SALES AND MEDIAN PRICES HOLD STEADY IN AUGUST

“Overall, August was a quite stable month for Oahu’s residential real estate market compared to last year,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “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.”

During August, sales of 360 single-family homes and 512 condominiums closed, a 1.7 percent increase and 1.7 percent decrease, 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 percent over the same time period one year ago, while total condominium sales were 3,608, a 6.4 percent decrease. The median price for single-family homes declined marginally by 2.5 percent to $790,000, while the condominium median price decreased by 1.8 percent 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.

 

Posted in Housing Stats
Oct. 10, 2018

SEPTEMBER OAHU SINGLE-FAMILY HOMES MEDIAN PRICE TOPS PREVIOUS RECORD

HONOLULU (Oct. 6, 2018) — Oahu’s single-family home median price in September topped the previous record set in August according to resales figures released today by the Honolulu Board of REALTORS®

In September, the median price for single-family homes increased by 6.9 percent to reach a new high of $812,500, passing the record set August 2018 at $810,000. The median price for condominiums rose by 0.7 percent to $428,000. Sales for single-family homes declined by 17.4 percent and condominium sales also decreased by 2.9 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 17 and 20 days for condominiums.

“We’re starting to see Oahu’s housing market shift a bit with the decline in sales for both single-family homes and condominiums despite the fact that more inventory has become available,” said Darryl Macha,president of the Honolulu Board of REALTORS®. “Consumers seem to be watching and waiting to see if mortgage interest rates are going to continue to rise. However, for those potential homebuyers who are‘on the fence,’ this is the time to buy since there is more inventory to consider and mortgage rates are stillbelow five percent.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

Posted in Housing Stats