Oahu Housing Sales Down, While Prices Up in June

HONOLULU (July 6, 2019) — Sales of single-family homes and condominiums on Oahu slowed in June 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
June 2019 327  -10.4% $800,000  2.3%
June 2018 365 $782,388

Condominium Resales

Number of Sales Median Sales Price
June 2019 473  -13.5% $432,500  3.0%
June 2018 547 $420,000

During June 2019, single-family home sales decreased by 10.4 percent and condominium sales decreased by 13.5 percent from the same month last year. The median prices paid increased modestly with single-family homes up by 2.3 percent to $800,000 and condos up by 3.0 percent to $432,500. While new listings for single-family homes declined by 8.9 percent from June 2018, overall inventory increased by 16.7 percent. The number of newly listed condos increased by 6.3 percent, as did overall inventory by 13.8 percent. According to the Days on Market indicator, the median days for single-family homes was 18 and 27 for condominiums.

“While sales volume in June may have declined from last year, the Oahu housing market remains very active and competitive,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “Even with the increases in inventory, we’re seeing the majority of sold properties on the market for less than 30 days. Additionally, sellers who are working with REALTORS® are closing with median prices at 98.2 percent of the original list price for single-family homes and 97.2 percent for condos. REALTORS® have the knowledge and experience to position and prepare properties for optimal sales performance and to help navigate the complex process of selling a home.”