August 2019 Real Estate Market Update - ChaneyBrooks Choice Advisors

August 2019 Oahu Real Estate Market Update

OAHU HOUSING SALES AND MEDIAN PRICES HOLD STEADY IN AUGUST

August housing sales volume on Oahu was relatively flat over last year 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 show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
August 2019 360 $790,000
August 2018 354 $810,000 -2.5%

Condominium Resales

Number of Sales Median Sales Price
August 2019 512 $419,500
August 2018  521 $427,000 -1.8%

During August, sales of 360 single-family homes and 512 condominiums closed, a 1.7 percent increase and 1.7 percent decrease, respectively, from the same month last year. This brings total single-family home sales on Oahu to 2,427 for the first eight months of 2019, down just 0.7 percent over the same time period one year ago, while total condominium sales were 3,608, a 6.4 percent decrease. The median price for single-family homes declined marginally by 2.5 percent to $790,000, while the condominium median price decreased by 1.8 percent to $419,500. The year-to-date median prices paid for Oahu properties in the first eight months of this year were $785,000 for single-family homes and $425,000 for condos, unchanged from the 2018 prices for the same time period.

“Overall, August was a quite stable month for Oahu’s residential real estate market compared to last year,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “Sales were at about the same level as 2018 and prices have been steady as well, with the majority of single-family homes and condominiums selling within a narrow price range. We continued to see double digit increases in active listings for both single-family homes and condominiums throughout this year. While properties have remained on the market a little longer, the median days on market is still under a month.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.