Oahu Single-Family Home Inventory Shrinking
Fewer homes and condos listed for sale in November 2019
HONOLULU – (December 4, 2019) – Locations—Hawaii’s leading real estate firm—published its Oahu Residential Real Estate Report for the 12-month period ending November 2019. This is a comparison to the previous 12-month period ending November 2018:
- Single-family home sales were robust in November, rising by nine percent over November 2018. However, sales over the past 12 months remain slightly below the previous 12-month period, down by one percent.
- Condo sales were just one percent lower last month compared to November 2018 – however, condo sales are down by six percent over the past 12 months, compared to previous period.
- The median single-family home price, at $789,000, increased by one percent over the past 12 months, while the median condo price remained flat at $425,000.
- New listings-while up by four percent for single-family homes and six percent for condos for the year-are falling, with 16 percent fewer homes listed in November and two percent fewer condos, as compared to the same period in 2018.
“After rising steadily since 2017, the number of homes for sale is now trending down again,” said John Connelley, principal broker at Locations.
“Month of Remaining Inventory for single-family homes,” he noted, “is already lower than last year, at 3.4 months. However, there are more condos for sale this year than a year ago.”
At the local market level, Mililani was the top-performing market for both single-family homes and condos in November. Sales of Mililani single-family homes increased by two percent while prices remained steady. With one in every four homes sold for above the asking price, competition is stiffer in Mililani than Oahu overall. With just 1.4 Months of Remaining Inventory--the lowest of any Oahu market—there are fewer homes from which to choose in Mililani.
"The number of homes for sale in Mililani is dropping,” Connelley explained, “so there may be fewer opportunities for buyers looking to get into this desirable neighborhood in the New Year.” Competition for condominiums in Mililani is also steep, with a median of just 14 days from listing to contract and one in five condos sold for above the asking price. Month of Remaining Inventory for Mililani condos is the lowest of any market area, at only 1.3 months.
“As we head into 2020, we expect to see fewer single-family homes for sale, faster sales and increased competition,” Connelley added, noting those in the market for a new home in the New Year should partner with a Realtor® who can provide detailed information on Oahu’s many neighborhoods and “microneighborhoods.”
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. Today, Locations has over 400 agents across the state with five offices on Oahu, one on Maui 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. Locations Logo 614 Kapahulu Avenue | Honolulu, Hawaii 96815 | RB-17095 Equal Housing This email was sent to you on behalf of Locations. Please reply to this email with "Unsubscribe" in the subject to unsubscribe from this list or if you feel you have received this message in error. This email is for your personal, non-commercial use in buying or selling property. The information contained in the email is deemed reliable but not guaranteed and should be verified. This email is not meant to solicit listings from other brokers.An Equal Housing Opportunity Broker. This email was sent to firstname.lastname@example.org. If you would like to update your email preferences click on the following link: Preference Center Locations LLC RB-17095, 614 Kapahulu Ave., Honolulu, HI. 96815. An Equal Housing Opportunity Broker.
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