Oahu Real Estate Market Update

Oahu Real Estate Market Update for October 2016

During October 2016, sales of single-family homes rose by 7 percent compared to October 2015, while condominium sales decreased by 5.7 percent compared to October 2015.

The median price paid for single-family homes in October 2016 increased by 3.1 percent from the same month last year to $742,000. The median price for condominiums increased by 7 percent from October 2015 to $396,000. According to the Days on Market indicator, the median days on market for single-family homes and condominiums was 19 and 20, respectively.

“Despite heading into what traditionally is a slower time for sales, demand for single-family homes was robust.” said Kalama Kim, 2016 Honolulu Board of REALTORS® President. “This could be an indication that buyers are trying to find a home to purchase before mortgage interest rates rise. Condos did not do quite as well as far as the number of sales is concerned, but the seven percent spike in median price also is an indication that demand for the units that are available was strong. We are encouraged that there was a sharp rise in new condo listings in October, as more inventory is still needed to satisfy the demand for housing.”

Click here to view the report on the residential resales statistics for Oahu for the month of October 2016.


Oahu Real Estate Market Update for September 2016

During September 2016, sales of single-family homes were flat compared to September 2015, while condominium sales increased by 6.7 percent compared to September 2015.

The median price paid for single-family homes in September 2016 increased by 2.7 percent from the same month last year to $750,000. The median price for condominiums increased by 4.7 percent from September 2015 to $383,250. According to the Days on Market indicator, the median days on market for single-family homes and condominiums was 16 and 20, respectively.

“Oahu’s housing resale market in September indicates that there was no slowdown in demand as the summer came to an end,” said Kalama Kim, 2016 Honolulu Board of REALTORS® President. “While sales of single-family homes were flat compared to last year, the median days on market of just 16 days show homebuyers are still aggressively seeking opportunities. Another indication that demand is still strong are the pending sales figures, which show increases of nearly nine percent for single-family homes and 14 percent for condominiums, compared to last year. We are concerned about a drop in active listings for both single-family homes and condominiums during September, as more inventory is needed to satisfy the demand for housing, which has been the case for some time.”

Click here to view the report on the residential resales statistics for Oahu for the month of September 2016.


Oahu Real Estate Market Update for August 2016

During August 2016, sales of single-family homes were flat compared to August 2015, while condominium sales increased by 12.4 percent compared to August 2015.

The median price paid for single-family homes in August 2016 increased by 6.9 percent from the same month last year to $747,500. The median price for condominiums increased by 12.4 percent from August 2015 to $398,000. According to the Days on Market indicator, the median days on market for single-family homes and condominiums was 16 and 15, respectively.

“The market desperately needs more inventory to house potential home owners who are buying for the first time, and those moving to our island looking for a place to live,” said Kalama Kim, 2016 Honolulu Board of REALTORS® President. “During the month of August, the number of homes for sale dropped compared to last year, and it took just 16 days before the homes which sold accepted an offer. There are buyers who have been in the market for over a year because of market conditions, and run the risk of being priced out of the market as demand pushes prices up. New construction of homes would help solve those issues.”

Click here to view the report on the residential resales statistics for Oahu for the month of August 2016.


Oahu Real Estate Market Update for July 2016

During July 2016, sales of single-family homes decreased by 4.5 percent compared to July 2015, while condominium sales decreased by 11.4 percent compared to July 2015.

The median price paid for singlefamily homes in July 2016 increased by 5.1 percent from the same month last year to $746,000. The median price for condominiums increased by 14.3 percent from July 2015 to $400,000. According to the Days on Market indicator, the median days on market for single-family homes was 16 days, and 18 days for condominiums.

“While sales of both single-family homes and condos dipped compared to the previous year, the increase in prices year-over-year for both indicates the housing market is still very strong,” said Kalama Kim, 2016 president of the Honolulu Board of REALTORS®. “The drop in condo sales is typical of the cyclical nature of the real estate market. Historically, we’ve seen a peak in condo resales during the summer, followed by a slight dip the following month. As for prices, a decrease in the number of sales with a corresponding increase in prices usually means buyers are being more aggressive with their offers. That said, home affordability is more favorable than a decade ago because of extremely low mortgage interest rates.”

Click here to view the report on the residential resales statistics for Oahu for the month of July 2016.


Oahu Real Estate Market Update for June 2016

During June 2016, sales of single-family homes were flat compared to June 2015, while condominium sales increased by 9.8 percent compared to June 2015.

The median price paid for single-family homes in June 2016 increased by 8.6 percent from the same month last year to $760,000. The median price for condominiums increased by 19.6 percent from June 2015 to $405,500. This represents new record highs in median price for both single-family homes and condominiums. According to the Days on Market indicator, the median days on market for single-family homes was 14 days, and 20 days for condominiums.

“The demand for single-family homes was especially high in June with the median days on market setting a record pace at just 14 days,” said Kalama Kim, 2016 president of the Honolulu Board of REALTORS®. “Both single-family homes and condos surpassed the previous high marks for monthly median prices. However, a closer analysis of these figures shows that the median price for single-family homes was skewed a bit by the sale of 20 properties for $2 million or more. Affordable homes are still available, as 124 of the properties sold were for under $700,000. As for condos, 267 units were sold for under $400,000.

Despite rising prices and increased competition for properties, we continue to recommend that potential homebuyers should consider widening their search for housing that best meets their needs and budget.”

Click here to view the report on the residential resales statistics for Oahu for the month of June 2016.