October 2018 Oahu Real Estate Market Update - The Choice Group

October 2018 Oahu Real Estate Market Update

OAHU HOUSING SALES DROP, WHILE MEDIAN PRICES HOLD STEADY IN OCTOBER

HONOLULU (Nov. 6, 2018) — Sales of single-family homes and condominiums slowed in October 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
October 2018  309 $800,000
October 2017 355 $752,00 +6.4%

Condominium Resales

Number of Sales Median Sales Price
October 2018 443 $390,000
October 2017 489 $397,500 -1.9%

The sales of 309 single-family homes and 443 condominiums represent decreases of 13 percent and 9.4 percent, respectively, compared to October 2017. The median price paid for a single-family home increased by 6.4 percent to $800,000, while the median price for a condominium decreased by 1.9 percent to $390,000. According to the Days on Market indicator, the median days for single-family homes was 29 and 25 days for condominiums.

“While sales of residential properties slowed, the median prices remained relatively steady in October, considering the records set earlier this year,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “The inventory of homes and condominiums available for sale has been rising, providing more options for potential homebuyers and leading to an increase in the days on market. Oahu’s housing market continues to be a stable environment for both buyers and sellers.”