Single-Family Home and Condo Sales Show Month-Over-Month Increases
Mid-year O‘ahu single-family home sales trail 2019 by 5%
While total sales are down compared to the same time last year, month-overmonth sales increased, according to resales figures released today by the Honolulu Board of REALTORS®. Total combined sales were down by 23.3% compared to June 2019; however, from May to June 2020, total sales increased by 22.3%.
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 | |
|---|---|---|
| June 2020 | 302 -7.6% | $770,000 -3.8% |
| June 2019 | 327 | $800,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| June 2020 | 312 -34.0% | $421,500 -2.5% |
| June 2019 | 473 | $432,500 |
“The month-over-month improvement indicates our market is steadily strengthening as the state reopens,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “With interest rates at record lows, it’s an opportune time for buyers. We also continue to see pent up demand and low inventory creating advantageous conditions for sellers.”
Single-family home sales were down by 7.6% compared to the same time last year but increased 21.8% from May. The median sales price declined by 3.8% to $770,000 compared to June last year. New listings fell short of 2019 by 14.6%, but again saw a month-over-month gain of 13.6%.
Condominium sales remained sluggish, with June sales down 34.0% compared to the same time last year. Month-over-month sales activity saw an improvement with closed sales up 22.8%. New condo listings were down by 20.8% year-over-year, but up by 17.5% from May to June. Sales declines occurred across all price ranges.
“Although unemployment is high and the impacts of COVID-19 are far from over, real estate remains a bright spot as an economic driver to help our community recover,” added Nekota.
Year-to-date, single-family home sales are at 95% of where they were last year, and condo sales are at 78% of 2019 sales. Median prices have been stable – single-family homes saw a 1.3% rise to $785,000, and condos saw a 2.1% increase to $427,750.