Oahu Real Estate Market Update

Oahu Real Estate Market Update for August 2018

Oahu Single-Family Homes Sales Price Sets New Record in August

The median price for single-family homes on Oahu reached an all-time high in August, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, offer the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
August 2018 354  -2.2% $810,000  +3.0%
August 2017 362 $786,250

Condominium Resales

Number of Sales Median Sales Price
August 2018 521  -9.4% $427,000  +1.9%
August 2017 575 $419,000

In August, the median price for single-family homes increased by 3.0 percent to reach a new record of $810,000, which was previously set in June 2017 at $795,000. The median price for condominiums rose by 1.9 percent to $427,000. Sales for single-family homes dipped by 2.2 percent and condominium sales also decreased by 9.4 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 15 and 18 days for condominiums.

“While the median price for single-family homes has been pushed to a new high, homebuyers are also finding properties at or below the $600,000 price range,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “Though overall inventory is tight, we are seeing pockets of the island where inventory is increasing, including the Ewa Plain and to some extent, Central Oahu. With the decline in pending sales for both single-family homes and condominiums, buyers may be experiencing a bit of ‘fatigue’ in a market where multiple offers have been common and are taking a pause in their home search. It’s something that other markets are also seeing.”