OAHU SINGLE-FAMILY HOME SALES CONTINUE TO GROW
November was yet another positive month for both single-family home and condominium sales, according to the Honolulu Board of REALTORS®. Single-family home sales increased by 11.1% over last November, marking the third consecutive month of double-digit percentage growth, while condominium sales slightly increased by 1.2% compared to the previous year. The median prices for both single-family homes and condominiums saw modest declines at 0.3% and 1.2%, respectively. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system shows the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| November 2019 | 320 | $794,750 |
| November 2018 | 288 | $797,000 -0.3% |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| November 2019 | 434 | $415,000 |
| November 2018 | 429 | $420,000 -1.2% |
“The market continues to show good activity, which is encouraging for this time of year when it typically cycles towards reduced seasonal activity,” said Jenny L. Brady, president of the Honolulu Board of REALTORS®. “We’ve seen growth in sales with stable prices over the last few months. It’s a good time to start working with a REALTOR® who can help buyers and sellers better understand these market conditions and navigate their opportunities.”
Homes sold within the $700,000 to $799,000 price range saw the most significant sales volume increase of 36.4%, while sales of condos in the $300,000 to $499,999 range increased by 12.9%. Overall, year-to-date median sales prices continue to hold steady. The single-family year-to-date median price decreased by 0.6% from $790,000 to $785,000 over the same time last year, and the condominium year-to-date median price remains flat at $425,000.
Active condo listings continue to be positive, up 10.1% year-over-year. Meanwhile, single-family homes saw a 2.7% decline in active listings compared to the same time last year, likely due to the 15.1% decline in new single-family home listings in November and steady buyer activity. According to the Days on Market indicator, single-family homes and condominiums were on the market for a median of 23 days and 26 days, respectively.
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.
