Oahu Median Prices Up for Eighth-Straight Year in 2018
Increasing inventory offers homebuyers more choices
HONOLULU – (January 4, 2019) – Locations—Hawaii’s leading real estate firm—published its year-over-year Oahu Residential Real Estate Report for 2018:
- Island wide, median prices rose four percent for single-family homes and three percent for condos over the previous 12-month period, reaching $790,000 and $422,000, respectively.
- Sales fell in December, ending 2018 down by nine percent for single-family homes and down three percent for condos.
- Days on Market for Oahu homes rose again in December, pushing up to 19 days for single-family homes and 20 days for condos for the year—an increase of just one day for homes and two days for condos over 2017.
- Increased available inventory continues to be a boon to buyers, with more single-family homes and condos available than in the past two years.
- Competitive market conditions—while still present—are easing, with the percent of properties bid up over the asking price returning to 2015 levels.
“The Oahu real estate market closed out 2018 with its eighth-straight year of appreciation,” said Scott Higashi, president and CEO of Locations.
Home sales peaked in June of last year, while condo sales hit a high mark in April. Days on Market began ticking up for both single-family homes and condos in July, and reached a high point in the year in the month of October. However, listings are still going into escrow in less than four weeks.
“With available inventory on the rise, home buyers will have more choices in 2019 than they’ve had in recent years. This is not to say that they should try to ‘time the market’ or delay purchasing a home, as interest rates are expected to rise this year. The time to own a home is now, while interest rates are still below five percent,” he added. Active listings for single-family homes ended the year up by 33 percent over 2017 at 972 homes, while active listings for condos ended the year up by 26 percent at 1,611 condos for sale.