Oahu Housing Sales Slow in December, Median Prices Remain Stable
Oahu housing sales cooled in December while median prices remained stable according to resales figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2018 | 259 -28.3% | $788,000 +5.1% |
| December 2017 | 361 | $750,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2018 | 440 -4.6% | $398,500 -1.6% |
| December 2017 | 461 | $405,000 |
During December 2018, sales of single-family homes decreased by 28.3 percent and condominiums sales decreased by 4.6 percent from December 2017. The median price paid for single-family homes in December 2018 increased by 5.1 percent from the same month last year to $788,000, while the median price for condos decreased by 1.6 percent to $398,500. According to the Days on Market indicator, the median days increased slightly for single-family homes to 30 and 25 days for condominiums.
“While sales slowed and inventory of active listings increased in the last few months of 2018, December home prices remained very stable,” said Darryl Macha, 2018 president of the Honolulu Board of REALTORS®. “We began to see a shift in the market during the last quarter of the year and as 2019 begins, it appears that trends point toward a more balanced market for buyers and sellers. With the increased inventory in both single-family homes and condominiums, well-qualified buyers may have more options to consider. While current mortgage rates are still relatively low, they are anticipated to rise this year, so those ‘on the fence’ may want to consider purchasing sooner rather than later.”
The Honolulu Board of REALTORS® also released annual resale figures for 2018. They are:
2018 Annual Residential Resales Statistics for Oahu
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| 2018 | 3,609 -7.7% | $790,000 +4.6% |
| 2017 | 3,908 | $755,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| 2018 | 5,679 -2.5% | $420,000 +3.7% |
| 2017 | 5,824 | $405,000 |
During 2018, the number of sales declined from one year ago and the median price paid for a single-family home increased by 4.6 percent, while the median condominium price rose by 3.7 from 2017. Additionally, inventory of single-family homes increased by 10.1 percent and condominiums increased by 12.5 percent over the previous year.
Median prices for both single-family homes and condominiums set new records in 2018. In March, the median price for condominiums hit a new high of $435,000, while the median price for a single-family home reached a record $812,500 in September.
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.