Anne Cicero, Locations
Sales of Single-Family Homes and Condos Level off for the Year
Median prices continue steady rise across Oahu
HONOLULU – (November 5, 2018) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for the 12-month period of November 2017 to October 2018. This is a comparison to the previous 12-month period of November 2016 to October 2017:
- Sales of single-family homes over the past 12 months dipped slightly by three percent to 3,882, while condo sales were down by only one percent to 5,894.
- Median prices climbed by four percent for both single-family homes and condos over the past 12 months to $785,000 and $423,500, respectively.
- Days on Market for the past 12 months remain very low, at just 17 days for homes and 20 days for condos.
- The number of active listings for both single-family homes and condos continued to grow in October, with 213 more homes for sale than last year, and 262 additional condos for sale. “With inventory on the rise since the beginning of the year, prospective homeowners have more choices in most neighborhoods across Oahu,” said Scott Higashi, president and CEO of Locations.
“However, with just under three-and-a-half Months of Remaining Inventory for homes and condos, we’re still squarely in a seller’s market. As interest rates have been rising in the last year, those who are in the market for a new home should be ready to act sooner rather than later—especially as competition among buyers remains strong, particularly in the entry-level price points,” he added. Higashi added,
“It’s important to consider the performance of individual market areas—and the neighborhoods within those markets—when buying or selling real estate, as factors such as inventory levels can vary widely across the island.” He noted that Hawaii Kai was the top-performing market for single-family homes in the past 12 months, while Mililani performed best among condo markets. Sales of single-family homes in Hawaii Kai rose by four percent, while the median price also rose by four percent to $1.2 million. There are five more active listings for single-family homes in Hawaii Kai than there were in the same period last year, and the median Days on Market was just 17 days, down from 21 days. Sales of Mililani condos increased by seven percent, while the median price increased by six percent to $400,000. There are nine more condos for sale in Mililani, compared to the same period last year. Mililani condos were on the market for a median of just 13 days—a slight increase from only days for the same period last year.
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 nearly 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.