Anne Cicero, Locations
Oahu Housing Inventory Continues to Rise
Homebuyers enjoying more choices, less competition, lower interest rates
HONOLULU – (February 6, 2019) – Locations—Hawaii’s leading real estate firm—published its Oahu Residential Real Estate Report for the 12-month period of February 2018 to January 2019. This is a comparison to the previous 12-month period of February 2017 to January 2018:
- Single-family home prices rose at a steady rate of four percent, reaching a median price of $790,000 for the past 12 months.
- The median price for Oahu condos rose by two percent to $420,000 for the same period.
- Sales of single-family homes fell by nine percent compared to the previous 12-month period, while condo sales fell by four percent.
- Days on Market—while still brisk at 19 days for single-family homes and 21 days for condos—ticked up slightly from 17 days and 18 days, respectively, a year ago.
- Available inventory, at 3.6 months for single-family homes and 3.8 months for condos, is at its highest levels since August 2015 and July 2015, respectively.
- Increased inventory has eased competitive market conditions from record-high bid-ups in 2017 and 2018, with 25.7 percent of single-family homes and 17.9 percent of condos bid up over the list price in the past year.
“Several favorable market conditions are combining to create a window of opportunity for prospective home-buyers in early 2019,” said Scott Higashi, president and CEO of Locations.
“When assessing the real estate market, it’s important to consider the long view, as monthly data alone can be misleading. Over the past 12 months, median prices have stabilized, and inventory has increased in most Oahu neighborhoods. With interest rates at their lowest point in the past ten months, prospective homebuyers should act now—before interest rates continue to climb, as we expect they will,” Higashi added. Kailua was the only neighborhood to see an increase in single-family home sales in the past 12-month period, with a four percent increase. The median price of single-family homes in Kailua also rose, by seven percent to $1.175M. There are currently 19 more single-family homes for sale in Kailua than a year ago. Sales of condos increased in three areas: the Leeward Coast, Salt Lake and Waikiki.