OAHU SINGLE-FAMILY HOME SALES CONTINUE TO GROW
November was yet another positive month for both single-family home and condominium sales, according to the Honolulu Board of REALTORS®. Single-family home sales increased by 11.1% over last November, marking the third consecutive month of double-digit percentage growth, while condominium sales slightly increased by 1.2% compared to the previous year. The median prices for both single-family homes and condominiums saw modest declines at 0.3% and 1.2%, respectively.
“The market continues to show good activity, which is encouraging for this time of year when it typically cycles towards reduced seasonal activity,” said the President of the Honolulu Board of REALTORS®. “We’ve seen growth in sales with stable prices over the last few months. It’s a good time to start working with a REALTOR® who can help buyers and sellers better understand these market conditions and navigate their opportunities.”
Homes sold within the $700,000 to $799,000 price range saw the most significant sales volume increase of 36.4%, while sales of condos in the $300,000 to $499,999 range increased by 12.9%. Overall, year-to-date median sales prices continue to hold steady. The single-family year-to-date median price decreased by 0.6% from $790,000 to $785,000 over the same time last year, and the condominium year-to-date median price remains flat at $425,000.
Active condo listings continue to be positive, up 10.1% year-over-year. Meanwhile, single-family homes saw a 2.7% decline in active listings compared to the same time last year, likely due to the 15.1% decline in new single-family home listings in November and steady buyer activity. According to the Days on Market indicator, single-family homes and condominiums were on the market for a median of 23 days and 26 days, respectively.
Source: Honolulu Board of REALTORS®
To view the full Oahu Real Estate Market Report, including Neighborhood statistics, click here or visit https://issuu.com/advantagerealtyhi/docs/november_2019_oahu_real_estate_report