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.