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“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®.
“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.”
“This level of year-over-year sales increases was last seen in 2017,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “The rise in sales numbers demonstrates robust contract signings over the last few months as buyers actively worked with their REALTORS® to close on offers. Lower mortgage interest rates may have enabled buyers to consider a slightly wider price range. A large portion of the year-over-year increases occurred at above-median price points. This July, there were 80 single-family homes that sold in the $900,000 to $1,199,999 price range, compared to 51 last year. For condominiums and townhouses in the $500,000 to $699,999 price range, there were 149 sold this July compared to 106 last year.”
“While sales volume in June may have declined from last year, the Oahu housing market remains very active and competitive,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “Even with the increases in inventory, we’re seeing the majority of sold properties on the market for less than 30 days. Additionally, sellers who are working with REALTORS® are closing with median prices at 98.2 percent of the original list price for single-family homes and 97.2 percent for condos. REALTORS® have the knowledge and experience to position and prepare properties for optimal sales performance and to help navigate the complex process of selling a home.”
The May 2019 Local Market Update, which consists of detailed neighborhood real estate analyses of Oahu, is now available.
OAHU SINGLE-FAMILY HOME SALES SPRING UP IN APRIL
“After a slow first quarter that saw a decline in housing sales, but steady median prices, the Oahu market experienced positive activity in April with a 10 percent increase in single-family home sales,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®.
“Oahu’s housing market remains healthy as the spring season begins, and there are favorable opportunities present,” said Jenny L. Brady president of the Honolulu Board of REALTORS®. “Inventory levels have been rising steadily, offering more options at all price ranges. That, coupled with the recent decline in mortgage rates creates opportune circumstances for buyers. Partnering with a licensed REALTOR® is a great first step to ease the transition from browsing to buying.”
