Single-family home and condo sales show month-over-month increases.
Mid-year O‘ahu single-family home sales trail 2019 by 5%.
While total sales are down compared to the same time last year, month-over-month sales increased, according to resales figures released today by the Honolulu Board of REALTORS®. Total combined sales were down by 23.3% compared to June 2019; however, from May to June 2020, total sales increased by 22.3%.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
*Median price means half the prices were above and half below the given price.
**Condominiums also includes townhomes.
“The month-over-month improvement indicates our market is steadily strengthening as the state reopens,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “With interest rates at record lows, it’s an opportune time for buyers. We also continue to see pent up demand and low inventory creating advantageous conditions for sellers.”
Single-family home sales were down by 7.6% compared to the same time last year but increased 21.8% from May. The median sales price declined by 3.8% to $770,000 compared to June last year. New listings fell short of 2019 by 14.6%, but again saw a month-over-month gain of 13.6%.
Condominium sales remained sluggish, with June sales down 34.0% compared to the same time last year. Month-over-month sales activity saw an improvement with closed sales up 22.8%. New condo listings were down by 20.8% year-over-year, but up by 17.5% from May to June. Sales declines occurred across all price ranges.
“Although unemployment is high and the impacts of COVID-19 are far from over, real estate remains a bright spot as an economic driver to help our community recover,” added Nekota.
Year-to-date, single-family home sales are at 95% of where they were last year, and condo sales are at 78% of 2019 sales. Median prices have been stable – single-family homes saw a 1.3% rise to $785,000, and condos saw a 2.1% increase to $427,750.
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi 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.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.
