Oahu Real Estate Market & Neighborhood Report
 

HAWAII KAI HOME SALES AND PEARL CITY-AIEA CONDO SALES UP IN NOVEMBER

Most areas across Oahu experienced positive sales gains in November, with sales of single-family homes in Hawaii Kai and condominiums in Pearl City-Aiea seeing a notable boost in November, according to a report by the Honolulu Board of REALTORS®.
 
Sales of single-family homes in the Hawaii Kai market rose by 53%, with 23 closed sales and a median price of $1,100,000, down just 1% from November 2018. New listings have been on pace with 2018. A total of 246 homes have been listed year to date, versus 252 homes last year. According to the Days on Market indicator, homes were on the market for a median of 19 days, compared to 34 days during the same time last year.

Condominium sales in Pearl City-Aiea increased by 85% and the median sales price rose by 6% to $378,000. Condos in this area sold more quickly than November 2018, with a median of 20 days on the market compared to 27 days. The Pearl City-Aiea market represented a more substantial portion of total condo sales in November at 8.5%. Both active listings and new listings remain near 2018 levels while year-to-date sales in the area are up 6%, with a flat median sales price of $389,500.
 
“Neighborhoods across the island are unique, and looking more deeply at what has sold, where the most activity is happening, and at what price point gives us a better indication of how the market is performing,” said the President of the Honolulu Board of REALTORS®. “Hawaii Kai and Pearl City-Aiea continue to be popular markets, but homebuyers can find value in many markets, and it’s encouraging to see continued activity during a time when it traditionally eases back.”
 

Source: Honolulu Board of REALTORS®

To view Oahu Neighborhood statistics, click here or visit https://issuu.com/advantagerealtyhi/docs/november_2019_oahu_real_estate_report 

 

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 

 
Click Here to view the November Market & Neighborhood report from the Honolulu Board of Realtors.
 

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