CONDO SALES HEAT UP IN MAY WHILE MEDIAN PRICES COOL
Oahu’s housing market increased in sales volume, according to resales figures released this week by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| February 2019 | 320 | $770,000 |
| February 2018 | 332 -3.6% | $778,000 -1.0% |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| February 2019 | 520 | $417,500 |
| February 2018 | 495 5.1% | $430,000 -2.9% |
During May 2019, condominium sales increased by 5.1 percent from May 2018, while single-family home sales decreased by 3.6 percent. Total sales volume in May increased by 1.6 percent, the first year- over-year gain since July 2018. The median prices paid for single-family homes decreased modestly by 1.0 percent to $770,000, while the median price for condos dipped by 2.9 percent to $417,500. New listings increased from the same time period last year for both single-family homes and condominiums by 5.2 percent and 7.1 percent, respectively. According to the Days on Market indicator, the median days for single-family homes was 21 and 27 for condominiums.
“The Oahu housing market is experiencing activity similar to that being seen nationally, especially in major metropolitan areas, with moderate shifts in both median prices and sales, along with increases in available inventory,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “The 30- year fixed mortgage rate recently fell below four percent for the first time since January 2018, which may drive consumers to make home purchasing decisions as we move into the summer months.”
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