OAHU SINGLE-FAMILY HOME SALES POWERS UP IN SEPTEMBER

OAHU SINGLE-FAMILY HOME SALES POWERS UP IN SEPTEMBER

During September, single-family home sales increased by 12.3 percent with 347 closed sales and the median price was $777,000, a decline of 4.4 percent from last September’s record high of $812,500. Third quarter single-family home sales increased by 8.7 percent over the same period in 2018, bringing the year-to-date sales to 2,774, up slightly by 0.8 percent. The year-to-date median price dipped by a half percent to $785,000. Active listings for single-family homes increased by 13.7 percent and new listings were up by 16.2 percent.

Condominium sales softened in September, declining by 8.8 percent, while the median price increased by 4.0 percent to $445,000. Year-to-date condominium sales decreased by 6.7 percent in September 2019, and the year-to-date median price dipped marginally by one percent to $425,000. New listings increased by 7.8 percent and active listings grew by 18 percent.

“Oahu’s single-family home market performed strongly through the third quarter of 2019,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “Year-to-date sales are at levels comparable to 2018 and the Oahu median sales prices remains stable. In September, we saw a nearly 49 percent increase in sales of mid-priced single- family homes in the $500,000 to $699,999 price range, which contributed to the decline in the median and average sales price. In contrast, there was a 14.5 percent decrease in mid-priced condominiums in the $300,000 to $599,999 price range last month.”