October 2019 Oahu Real Estate Market Update


According to resale figures released today by the Honolulu Board of REALTORS®, both sales of single-family homes and condominiums increased when compared to the same time last year. Single-family homes in the $400,000 to $899,999 price range saw 25.0% more sales this October compared to last year, while condominiums in the $400,000 to $699,999 range saw a 39.0% increase in sales. 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
October 2019 347 $780,000
October 2018 309 $800,000 -2.5%

Condominium Resales

Number of Sales Median Sales Price
October 2019 472 $441,000
October 2018  443 $390,000 13.1%

“We continue to see healthy activity across O‘ahu’s real estate market, especially when it comes to sales of singlefamily homes in the affordable to mid-range price categories,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “With conditions pointing towards a balanced market for both buyers and sellers, it’s an opportune time to contact a REALTOR® to find out more about the market trends and understand your options whether you’re looking to buy or sell your home.”

During October, single-family home sales increased by 12.3% with 347 closed sales while the median price declined by 2.5% to $780,000, compared to last October’s median price of $800,000. Condominium and townhome sales increased by 6.5%, with 472 closed sales this October versus 443 sales last October. The condominium median sales price for October was $441,000, up 13.1% over last October’s median price of $390,000.

“Favorable mortgage rates have given buyers slightly more purchasing power and we saw more sales at higher price points in the condo-townhouse market in October. However, the year-to-date median remains relatively stable at $428,000, compared to 2018’s year-to-date median of $425,000,” added Brady.

New listings for October were mixed, with a 7.5% increase in new single-family home listings, and a 7.0% decline in new condominium listings. The market’s active listings continue to be at positive levels over 2018. According to the Days on Market indicator, the median days for single-family homes was 23 and 26 for condominiums.

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii 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.

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.