Oahu Single-Family Homes and Condo Sale Strengthen in October
Single-family homes and condominiums see year-over-year increases in closed sales volume
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 +12.3% | $780,000 -2.5% |
| October 2018 | 309 | $800,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| October 2019 | 472 +6.5% | $441,000 +13.1% |
| October 2018 | 443 | $390,000 |
“We continue to see healthy activity across O‘ahu’s real estate market, especially when it comes to sales of single-family 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.