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.
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%.