Oahu Housing Market Starts Year with Increased Inventory Levels
Oahu’s housing market experienced welcomed increases of inventory for both single-family homes and condominiums in January 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 Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2019 | 246 -2.4% | $767,500 -0.6% |
| January 2018 | 252 | $772,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2019 | 326 -12.8% | $399,000 -7.2% |
| January 2018 | 374 | $430,000 |
During January 2019, the median price paid for single-family homes decreased slightly by 0.6 percent from the same month last year to $767,500. The median price paid for condos decreased to $399,000, down 7.2 percent from last January’s high of $430,000. The sales of single-family homes declined by 2.4 percent, while condominiums sales decreased by 12.8 percent from January 2018. New listings of single-family homes increased by 21.8 percent, while condominiums increased by 18.8 percent over last January. According to the Days on Market indicator, the median days for both single-family homes and condominiums was 27 days.
“We started 2019 with very healthy increases in new listings for both single-family homes and condominiums, adding to the inventory available to potential buyers,” said Jenny L. Brady, 2019 president of the Honolulu Board of REALTORS®. “In recent years, this volume of listing activity would have been more typical during the spring and summer months, so buyers have more options to consider earlier in the year. Conditions point towards a balanced market for both buyers and sellers.”