Positive Start in O’ahu Real Estate in Fourth Quarter
In October, the O‘ahu housing market experienced a year-over-year increase in sales and inventory.
Single-family home sales rose 22.5% while the median sales price held steady at $1,100,000. This October, 31% of single-family home sales closed above the original asking price, compared to 29% last year.
Condo/townhome sales ticked up 1.5% and the condo median price rose 1.9% to $525,000. Condos closing above asking price accounted for 17% of sales, slightly down from 18% a year ago.
HBR's October Monthly Statistics Report also shows:
- There were 298 and 597 new listings for single-family homes and condos, respectively, in October. The month ended with 741 active single-family home listings (up 18.4%) and 1,957 active condo listings (up 49.8%).
- Single-family home contract signings rose 30.2% year-over-year, with pending sales increasing from 192 to 250. The $900,000 to $1,399,999 price range saw the largest gain in contract signings, with a 58.2% increase in pending sales compared to last October.
- Additionally, 31% of single-family homes closed above the original asking price, compared to 29% last year.
- The condo market experienced a modest 1.8% dip in contract signings, totaling 319 pending sales; however, condos priced between $900,000 and $1,999,999 surged 57.7% in contract activity, while those in the $2,000,000 and above range slumped by 66.7%. Condos closing above asking accounted for 17% of sales, slightly down from 18% a year ago.
