MEDIA CONTACT: Dan Richards
Oahu Market Holding Steady Into Summer of 2019
Sales for both single-family homes and condos have remained flat since April of this year
FOR IMMEDIATE RELEASE HONOLULU – (July 2, 2019) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period of July 2018 to June 2019. This is a comparison to the previous 12-month period of July 2017 to June 2018:
- Home prices are continuing to rise but at a slower rate, up 3 percent over the previous year. Condo prices have flattened, currently down 2 percent from last year
- Sales are showing mixed activity in June, and for the year are down 9 percent for homes and down 8 percent for condos
- Days on Market for Oahu homes and condos continues to remain 25-30 percent higher than last year, however homes and condos are still going into escrow in under 4 weeks
- Inventory for sale continues to be a bright spot, with 15 percent more homes and condos available for sale this year over last year
- The highly competitive market has eased since last year; however bid-ups are still continuing into 2019, signaling continued -- if more moderate – competition for properties
“The Oahu residential real estate market is holding steady as we enter into the summer of 2019. Sales for both single-family homes and condos have remained relatively flat since April of this year” said John Connelley, principal broker of Locations. “When compared to a year ago sales are down 9 percent for single-family homes and down 8 percent for condos while prices remain relatively unchanged for both," he concluded.
Connelley added that the market is showing signs of picking up as we enter the peak summer sales period. Bid-ups have increased over the past few months while interest rates have returned to previous record lows motivating borrowers to act quickly.
Market areas showing strong sales performance include Honolulu stretching from Salt Lake to Waialae-Kahala for single-family homes where homes are moving 9 percent faster than last year, while homes in other areas are taking 40 percent longer to sell. Interestingly homes in East Oahu and Hawaii Kai are selling in less than 20 days even though there are 33 more homes for sale compared to the same reporting period last year.
For condos, the Windward and West Oahu markets are strong as both have less than 2 months of remaining inventory, about half as much as the rest of Oahu condos.
With a 14-16 percent increase in listings for single-family homes and condos, Connelley also highlighted the importance of working with an experienced REALTOR®. For sellers pricing their home correctly for their specific market area is critical in attracting the most buyers. On the other side, while buyers are benefiting from increased choices and favorable rates they should not let an opportunity slip away as more buyers are entering or even re-entering the housing market.
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 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. With nearly 300 agents and five offices across Oahu and one on Maui, our Neighborhood Experts live where you live. 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.