March 2020 Oahu Housing Market Info

March 2020 Oahu Housing Market Info

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.

O‘ahu Housing Market Holding Strong

Low mortgage rates continue to drive healthy market activity

Mortgage interest rates continue to average near historic lows, with this week’s average 30-year fixed-rate mortgage falling to a record low of 3.29%.

October 2019 Oahu Home Sales

October 2019 Oahu Home Sales

Oahu Single-Family Home and Condo Sales Strengthen in October

“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®.

September 2019 Oahu Home Market Update

Oahu single-family home sales strengthen in September

“Oahu’s single-family home market performed strongly through the third quarter of 2019,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “Year-to-date sales are at levels comparable to 2018 and the Oahu median sales prices remains stable. In September, we saw a nearly 49 percent increase in sales of mid-priced single-family homes in the $500,000 to $699,999 price range, which contributed to the decline in the median and average sales price. In contrast, there was a 14.5 percent decrease in mid-priced condominiums in the $300,000 to $599,999 price range last month.”