O‘ahu’s Housing Market Sees Mixed Activity Amid Ongoing Pandemic
Single-family home market marks new record and steady recovery,
while condos continue to trail 2019 activity
“A lack of inventory coupled with high demand from buyers looking to capitalize on historically low interest rates is driving a very competitive market for single-family homes on O‘ahu. This is an opportune time for sellers to list their properties as housing values continue to rise, and buyers are on the hunt for their forever homes,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “Our members have reemployed new technology and shifted how we serve our clients to ensure we keep O‘ahu’s real estate market moving. We continue to observe strict social distancing, use of face masks and sanitation to keep one another and our communities safe,” added Nekota.
O‘ahu’s Housing Market Continues to Slowly Recover
Month-over-month sales and new listings up, market activity still trails 2019 levels
“We are seeing signs of increased activity driven by eager buyers looking to take advantage of record-low interest rates coupled with sellers who are slowly wading back in to put their properties on the market. This real estate activity indicates confidence in our local housing market and contributes to the recovery of Hawai‘i’s economy,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “With low inventory and continued declines in new listings, REALTORS® serve as a trusted partner to help buyers navigate this highly competitive market, where many properties are experiencing multiple offers that are well above the asking price. REALTORS® also work closely with sellers to manage high demand and multiple offers,” added Nekota.
Single-family Home and Condo Sales Show Month-Over-Month Increases
Mid-year O‘ahu single-family home sales trail 2019 by 5%
“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. 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.”
Oahu real estate market shows signs of improvement
Sales for single-family homes and condos are still down, but new listings and new escrow volume see month-over-month growth
“The year-over-year statistics are what we expected – the number of sales were down and median prices remained relatively steady due in large part to lower than usual inventory and continued high demand,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “As the state continues to reopen, we are already seeing a steady increase in activity that, in turn, helps to drive our local economy.”
O‘ahu Housing Market Remains Steady
Single-family home sales up, condo sales and new listings down in March
REALTORS® take businesses virtual, continue to provide essential housing services and resources to clients. Generally, real estate activity has kept pace with 2019 figures. For the first quarter of 2020, single-family home sales were up 11.6% compared to 2019. Condo year-to-date sales trail last year by just under 1%. However, the stay-at-home order that went into effect on March 23, 2020 has contributed to a slowdown in the number of listings coming on market. Single-family home listings declined by 16.7% and condo listings were down 14.3% in March. A significant number of active listings have also been moved into a temporarily off-market status, which has resulted in lower inventory levels.