Effects of Coronavirus Pandemic Beginning to Show on Oahu Housing Sales
Single-family home and condo prices continue to rise as Oahu market holds on to its value
HONOLULU – (May 5, 2020) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period ending April 2020. This is a comparison to the previous 12-month period ending April 2019: Single-family home sales fell 21 percent in April 2020, compared to last April; however, sales remain four percent higher for the past 12 months, compared to the previous 12-month period. Condo sales were 28 percent lower last month, compared to April 2019. Condo sales are also down 5 percent for the past 12 months, compared to the previous year.
- Single-family home median prices rose by five percent to $810,000 in April 2020, compared to last April.
- For the past 12 months, single-family home median prices are flat with the previous year, at $789,000. Condo median prices rose by eight percent in April 2020 to $450,000, compared to last April.
- For the past year, condo median prices rose by four percent to $432,750.
- There were 22 percent fewer single-family homes for sale last month, compared to the previous year, and at just 17 days, Days on Market in April were at their lowest point in two years.
- One of every five single-family home sales in April was bid-up over the asking price.
“We’re starting to feel the effects of the coronavirus pandemic on home sales,” said Jason Lazzerini, president and CEO of Locations. “We expect to see a greater impact on housing sales next month, as new escrows were down by 43 percent in April,” he added. Lazzerini went on to say that while new escrows and new listings are lower than in a typical spring, median housing prices are steady and continue to rise.
“While there were fewer sales in April, median prices for both single-family homes and condos were greater than last year—an indicator that Oahu housing values will hold steady, even as we see fewer sales. Some good news for prospective homeowners and those homeowners looking to refinance is that 30-year fixed mortgage interest rates have once again hit an all-time low, at 3.23 percent,” he added.
Lazzerini also noted that Locations agents are continuing to serve their clients while complying with the State of Hawaii’s health and safety guidelines using a host of technology solutions, including virtual home tours and open houses.
At the local market level, Ewa was the top-performing market for single-family homes in April, with home sales up 14 percent over last year. Ewa median home prices rose by one percent to $687,000. Ewa homes are selling in a median of just 19 days—a decrease of six days over last year. Bid ups increased by eight percent over last year to nearly one in four Ewa homes sold for above the asking price. With just 98 homes for sale in Ewa this year compared to 154 a year ago, competition is likely to increase.
Diamond Head-Kahala was the top-performing condo market in April, with a 17 percent increase in sales over the same period last year. Median condo prices for Diamond Head-Kahala were five percent below last April, at $562,500. Bid ups increased by 23 percent to nearly one in five Diamond Head-Kahala condos bid up over the asking price. Condo inventory in Diamond Head-Kahala decreased by 19 percent, with 52 condos currently for sale.
As local markets will react differently to the impacts of the coronavirus, Locations recommends that homebuyers and sellers partner with an experienced Realtor® who has access to neighborhood-level housing data and the technology tools necessary to conduct business at this time.
About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For more than 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. Today, Locations has over 400 agents across the state with five offices on Oahu and four on the Big Island (Clark Realty). Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.
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