Oahu Single-Family Home Market Gaining Strength
Condo inventory rising but quickly absorbed
HONOLULU – (October 4, 2019) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period ending September 2019. This is a comparison to the previous 12-month period ending September 2018:
Median sale prices were nearly level with the previous period, at $789,000 for single-family homes—an increase of one percent, and $418,000 for condos—a decrease of two percent.
Although single-family home sales rose nine percent for the month of September, sales for the past 12 months were down by six percent compared to the previous 12-month period. The rate of declining sales is also lessening. Condo sales were nine percent below the previous year.
Months of Remaining Inventory, defined as the number of months it would take for all current inventory to sell, has leveled off and is starting to come down again—a reflection of increased demand.
Active listings are up for both single-family homes and condos over the previous year, by four percent and 24 percent respectively. However, single-family home listings, while higher than last year, are already beginning to trend back down. Condo listings are still on the rise, possibly due to reaction to Honolulu City Council cracking down on illegal short-term rentals.
“The single-family home market, which is a lead indicator for overall market direction, is gaining strength,” said John Connelley, principal broker at Locations. “With inventory beginning to decrease and Days on Market returning to previous record-low levels, the Oahu home market is stable with the potential for price increases in the coming months.”
At the market-area level, Manoa was the best-performing single-family home market for the 12-month period ending in September, with a 10 percent increase in sales and the lowest Days on Market on Oahu at 18 days. The median price of single-family homes in Manoa fell four percent from the previous period to $1,204M. There are 38 homes for sale in the neighborhood, three more than last year, and bid-ups increased to one in five homes bid up over asking.
The top-performing condo market in September was Leeward, which includes Waianae, Nanakuli and Makaha, with a one percent increase in sales over last year and a median price of $180,000, an eight percent increase from last year. Bid ups for Leeward condos also rose by 34 percent to one in seven condos sold for above asking.
“We are beginning to feel a shift in the market—particularly in the single-family home market,” Connelley said. “Some market areas, and neighborhoods within those market areas, are seeing quicker sales and price acceleration than others, so it’s important to partner with a Realtor® who has access to detailed micro-neighborhood statistics to make the most informed real estate decisions.”###
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.
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