April 2018 Oahu Real Estate Market Update

April 2018 Oahu Real Estate Market Update —The inventory of available single-family homes and condominiums on Oahu increased by double digits, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single Family Resales

Number of Sales Median Sales Price
April 2018 289  3.2% $790,000 +10.9%
April 2017 280 $712,500

Condominium Resales

Number of Sales Median Sales Price
April 2018  547  12.6% $416,000  +0.1%
April 2017 486 $415,500

*Median price means half the prices were above and half below the given price.  **Condominiums also includes town homes.

During April 2018, the number of single-family houses sold increased by 3.2 percent and condominium sales rose by 12.6 percent from April 2017. The median price paid for single-family houses increased by 10.9 percent to $790,000 from the same time period last year, while condos prices remained relatively flat increasing by 0.1 percent to $416,000. According to the Days on Market indicator, single-family home sales closed at about the same pace from last year at a median of 17 days, while sales were slower for condominiums, with units on the market for 18 days, up from 15 days. New listings for single-family homes and condominiums increased from April 2017 by 13.2 percent and 11.3 percent, respectively.

“Potential homebuyers should be encouraged by the double digit boost in new listings of single-family homes and condominiums for sale that happened in April,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “It appears that sellers are beginning to list properties in anticipation of the traditionally busy summer season. The increase in inventory is promising, however it’s still not enough to keep up with the demand for housing at all price points. With the recent legislation passed at the state level, we hope more of our residents will realize their dream of homeownership.”

This April 2018 Oahu Real Estate Market Update information was provided by the Honolulu Board of Realtors.

About the Author

Brandon Lau grew up in Kailua and currently resides in Honolulu with his wife Andee and children Caylah, Elijah, and David. His eighteen years in real estate led him to become a Partner at ChaneyBrooks Choice Advisors. Over the past 10 years he has developed the team and systems that has created a high level of service and value for his clients.

What differentiates Brandon and his team is his consultative approach to real estate. He advises clients with relevant data and expert insight to help them make the best choices in real estate. Good choices in planning for long term dispositions, negotiating for the best price or knowing when not to pursue an investment are ways his consultative services will give you an advantage in the marketplace. His bottom line is providing service with the utmost integrity and expertise.