O‘ahu Single-Family Home Market Drives Activity Breaking Two Records

Single-family home market marks new record and steady recovery,
while condos continue to trail 2019 activity

O‘ahu’s single-family home market continues to make a steady recovery, the summer season ended on a high note with closed sales of single-family homes surpassing year-over-year activity by 12.7%, while condo sales marked a steady month-over-month improvement of 11.5%. Dynamic activity in O‘ahu’s single-family home market drove the median sales price to a record of $880,000 and properties are spending a record-low of just nine days on the market.

“The spike in demand for single-family homes may correlate to buyers’ pursuing a different quality of life and a new environment following the sharp shift in people working from home,” said Tricia Nekota, president, Honolulu Board of REALTORS^®. “Ultimately, the COVID-19 pandemic has changed how buyers think about purchasing a home, causing them to reevaluate their housing goals and priorities.”

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.”

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.