Single-Family Home and Condominium Sales Rise in January 2020
Positive momentum in Oahu real estate market activity continues with a 12.6% year-over-year increase in total sales.
According to resales figures released by the Honolulu Board of REALTORS®, Oahu single-family home and condominium combined sales rose 12.6% over January 2019. Single-family home sales were up 7.7% and condominium sales were up 16.3% for the month. The median price for single-family homes saw a slight increase of 0.3% to $770,000 while condos saw a 7.5% increase to $429,000 compared to the same time last year. Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
*Median price means half the prices were above and half below the given price.
**Condominiums also includes townhomes.
“We continue to see a healthy real estate market with a moderate uptick in sales and a small increase in median days on market,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “Both singlefamily home and condominium sales were most active in the affordable to mid-range price categories, which is encouraging, especially for first-time homebuyers.”
Although new listings were down 18.9% compared to last year, the new listing volume in January 2019 was notably higher than any other January since 2009. Median days on market was 35 days for singlefamily homes and 33 days for condos last month marking the first time since 2014 that monthly median days on market has been above 30 days.
Approximately 41% of single-family home sales occurred in the $600,000-$799,999 price range. This price range also represented the most significant jump in sales volume at 19.8% or 18 more sales compared to January 2019. The most substantial portion of condominium sales occurred in the $300,000- $499,999 price range, while a 51.7% increase in sales volume occurred in the $400,000-$599,999 price range.
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi 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.