Oahu Housing Sales Drop, While Median Prices Hold Steady in October

Sales of single-family homes and condominiums slowed in October 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, offer the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
October 2018 309  -13.0% $800,000  +6.4%
October 2017 355 $752,000

Condominium Resales

Number of Sales Median Sales Price
October 2018 443  -9.4% $390,000  -1.9%
October 2017 489 $397,500

The sales of 309 single-family homes and 443 condominiums represent decreases of 13 percent and 9.4 percent, respectively, compared to October 2017. The median price paid for a single-family home increased by 6.4 percent to $800,000, while the median price for a condominium decreased by 1.9 percent to $390,000. According to the Days on Market indicator, the median days for single-family homes was 29 and 25 days for condominiums.

“While sales of residential properties slowed, the median prices remained relatively steady in October, considering the records set earlier this year,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “The inventory of homes and condominiums available for sale has been rising, providing more options for potential homebuyers and leading to an increase in the days on market. Oahu’s housing market continues to be a stable environment for both buyers and sellers.”

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.