May 2018 Oahu Real Estate Market Update


HONOLULU (June 6, 2018) — Sales for Oahu single-family homes and condominiums dropped while median prices rose modestly in May 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
May 2018 332  -8.3% $778,000 +4.4%
May 2017 362 $745,000

Condominium Resales

Number of Sales Median Sales Price
May 2018  495  -8.3% $430,000  +5.8%
May 2017 540 $406,500

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

During May 2018, the median sales price for single-family homes increased by 4.4 percent to $778,000 from May 2017. The median price for condos increased by 5.8 percent to $430,000. Sales of single-family homes and condominiums both decreased by 8.3 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 14 and 19 days for condominiums.

“The Oahu market experienced a very deep trough with sales in January and February and we continue to slowly trend upwards,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “Pending sales are also experiencing a slow climb and we’re anticipating sales to peak in late summer.”

This May 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.