Oahu Single-Family Market Poised for Rebound this Fall
Falling interest rates expected to drive home sales
HONOLULU – (September 5, 2019) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period ending August 2019. This is a comparison to the previous 12-month period ending August 2018.
- Median sale prices were in line with the previous period, at $790,000 for single-family homes—an increase of two percent, and $417,300 for condos—a decrease of two percent.
- Sales continue to be lower than the previous period--down by eight percent for both single-family homes and condos; however, the rate of decline is lessening.
- Days on Market, an indicator of a competitive real estate market, has been higher since the end of 2018; however, listings are still going into escrow in less than 4 weeks, and Days on Market for condos is returning to the low levels seen in previous years.
- Interest rates remain at near-record lows—20 percent less than a year ago—and are expected to spur increased buyer activity in the coming months.
“The Oahu single-family home market is a leading indicator for the market overall,” said John Connelley, principal broker at Locations.
“After a somewhat slower spring than we’ve become accustomed to in recent years, the single-family home market is beginning to show signs of increasing strength as we head into fall.”
Signs that the single-family home market is strengthening include falling inventory and a return of Days on Market to previously low levels. Connelley added that as the single-family home market regains its footing, there is a potential for more price increases in 2020. Connelley also noted that the number of condos for sale is continuing to rise, increasing by 21 percent over a year ago.
“We’ve seen a bump in condo listings, which may be in reaction to Honolulu City Council’s pledge to get tougher on illegal short-term rentals. It’s certainly welcome news for those in the market for a condo, as they will have more choices this year than in previous years.”
At the market-area level, Kaimuki was once again a stand-out single-family home market, with a median price of $1.03 million and 41 percent more homes for sale compared to last year. Home sales in Kaimuki increased by 10 percent over the past 12 months, and Days on Market held steady at a swift 18 days.
The top-performing condo market in August was Makakilo, with 167 sales—an increase of two percent over last year and a median price of $402,000, a slight increase from last year. Days on Market in Makakilo rose from just 12 days to 23 days, while bid ups decreased—creating positive conditions for those looking to own a condo in Makakilo this fall.
Connelley added that there can be dramatic variances in home prices and competitive conditions even within market areas, so prospective homebuyers and sellers are encouraged to work with a REALTOR® who is familiar with nuances of Oahu’s many neighborhoods.
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.
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