Oahu Median Home Prices Hold Steady at Start of Year
HONOLULU – (February 5, 2019) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period ending January 2020. This is a comparison to the previous 12-month period ending January 2019: Both single-family home and condo sales were strong in January, a sign of continued demand that has been increasing since the second half of 2019.
Single-family home sales increased by 4 percent in the past 12 months and are rising. Condo sales over the past 12 months are down 4 percent, compared to the fall of 2019, when sales were down 8 percent for the past year. Single-family home median prices held steady at $789,000 while condo median prices rose by 2 percent to $430,000 for the 12-month period ending in January 2020. Months of Remaining Inventory for both single-family homes and condos is continuing to trend downwards, at less than three months for homes and 4.1 months for condos. In most Oahu markets, Days on Market increased while the percent of bid-up sales decreased for both single-homes and condos—adding to a window of opportunity for homebuyers before competitive conditions increase, as expected.
“There is a window of opportunity for homebuyers in the early part of this year.” said President and CEO of Locations Jason Lazzerini. “Home prices are holding steady, while interest rates are still low, and competition, though still strong, has eased in some local markets—creating opportunities for first-time homebuyers and move-up buyers,” he added.
At the local market level, East Oahu was the top-performing market for single-family homes in January, with sales of single-family homes up by 20 percent compared to a year ago. East Oahu homes are selling faster—in a median of 23 days—while bid ups have increased by 59 percent to where one in every four East Oahu homes sold for above the asking price.
"Conveniently located between downtown Honolulu and Hawaii Kai, picturesque East Oahu is a popular choice with homebuyers,” Lazzerini said.
“Median single-family home prices in East Oahu fell 19 percent in January to $1.19M. We’ve also seen Days on Market drop and bid ups jump— “something East Oahu homebuyers and seller should continue to monitor.”
On the condo side, Makakilo was the top-performing market in January, with a 12 percent increase in sales and a 2 percent increase in median prices. Competition for Makakilo condos has eased, with just 13 percent of condos sold for above the asking price. At a median of just 22 days, Makakilo condos have been selling faster than Oahu condos overall.
“Current market conditions offer opportunities for first-time homeowners, if they know where to look,” Lazzerini said. “For those in the market for an entry-level condo, we’ve seen encouraging increases in inventory in many areas, including Mililani and Pearl City,” he added.
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