Oahu Real Estate Market Saw Steady Activity in 2019
December single-family home market activity solid, closing a year marked by positive inventory levels, slight decline in combined total annual sales and flat annual median prices
HONOLULU – Oahu single-family home sales were up 19.3% and sold in 40% less time at a median of 18 days on market compared to 30 days in December 2018, according to resales figures released today by the Honolulu Board of REALTORS®. Median sales prices also increased for both single-family homes and condominiums in December, up 4.1% to $820,000 for homes, and 6.8% to $425,500 for condos. The luxury condominium market saw increases in December – condo sales in the $1 million to $1.9 million range more than doubled at 27 sales in December 2019 compared to 12 in December 2018, while condos sold at $2 million and above nearly tripled with 11 sales in December 2019 compared to four sales in December 2018. Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2019 | 309 +19.3% | $820,000 +4.1% |
| December 2018 | 259 | $788,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2019 | 428 -2.7% | $425,500 +6.8% |
| December 2018 | 440 | $398,500 |
While 2019 began with sales declines from the previous year, single-family home sales ended the year with six consecutive months of increases and total sales up 3.9% for the year. Condo sales ended 2019 down in total by 4.8%. The combined annual sales total ended with 9,158 resales, a modest 1.4% decline from 2018.
The year ended with average 30-year fixed mortgage interest rates below 4%, a marked difference from 2018 when rates were on the rise and ended the year approaching 5%. New listings saw increases throughout the year, with total listings up by 3.8% for single-family homes and up 4.5% for condos, which helped inventory to maintain positive levels over 2018 for most of the year. Despite new records for median sales price for both single-family homes and condos set in July 2019, the year ended with median prices on par with 2018. The annual median sales price for 2019 dipped by 0.1% to $789,000 for single-family homes and rose by 1.2% to $425,000 for condos/townhomes from the previous year.
“In 2019, we saw a steady and stable market with more active listings, slightly more days on market and median prices remaining relatively flat compared to 2018,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “These conditions, paired with low interest rates and favorable economic conditions continuing to drive healthy market activity, create an advantageous environment where buyers have purchasing power and sellers have more potential buyers for their properties.”
According to the Honolulu Board of REALTORS®, 2019 annual resale figures for 2019 are:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| 2019 | 3,750 +3.9% | $789,000 -0.1% |
| 2018 | 3,609 | $790,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| 2019 | 5,408 -4.8% | $425,000 +1.2% |
| 2018 | 5,679 | $420,000 |
Over the last 10 years, the real estate market has been influenced by a period of general economic recovery and growth. Oahu’s real estate market experienced a number of record-setting statistics from 2010-2019, including:
- Monthly median sales prices for the condo/townhome market reached new records each year since 2013, while single-family homes saw new record highs each year since 2014.
- Median Days on Market (DOM) reached record lows for single-family homes and condos in June 2017. That month, the single-family home median DOM was 12 days, a new record, while the median DOM for condos tied the previous record of 13 days set in July 2005.
- Annual median sales prices:
- Single-family home prices climbed annually since 2012, and only in 2019 saw a minuscule decline of 0.1%, ending the year at $789,000.
- Condo prices also climbed annually since 2012 and continued on that track in 2019, ending at $425,000, a 1.2% increase over the 2018 annual median of $420,000.