Oahu Median Home Pricing Feb. 2020

By
Real Estate Agent with HI Pro Realty LLC RB-21531 RS-76763
https://activerain.com/droplet/5mwL

Oahu Median Prices February 2020

 

OAHU HOUSING MARKET HOLDING STRONG 

Record low mortgage rates continue to drive healthy market activity

 

HONOLULU – According to resales figures released this week by the Honolulu Board of REALTORS®, single-family home sales performed strongly again in February with a healthy year-over-year increase of 18.8%, while condo sales saw a slight dip of 1.6%. Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:

 

Single-Family Home Resales

  Number of Sales Median Sales Price
February 2020   247 $765,000  
February 2019   208  18.8% $789,000   -3%

 

Condominium Resales

  Number of Sales Median Sales Price
February 2020   316 $430,000  
February 2019   321  -1.6% $415,000  3.6%

 

“While COVID-19 presents new concerns and uncertainty in the general economy, the impact on our housing market remains to be seen,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “However, we anticipate that homebuyers will continue to drive steady activity as they take advantage of historically low interest rates.”

 

Mortgage interest rates continue to average near historic lows, with this week’s average 30- year fixed-rate mortgage falling to a record low of 3.29%.

 

Single-family homes saw a median sales price of $765,000 or a 3% decline, which is largely due to a boost in sales in the mid-range prices. Homes in the $600,000 to $899,000 range were scooped up by buyers across the island, accounting for 55% of the sales last month. The majority of the total 136 sales occurred in the Ewa Plain region, followed by the Waipahu and Central O‘ahu areas.

 

Meanwhile, condo sales marked a median sales price of $430,000 or a 3.6% increase from this time last year. Though median condo sales prices continue to climb, more than 75% of the condos sold last month closed below the original asking price. This marks a slight increase when compared to February 2019, when 68.2% of the sales had closed below the asking price.

 

“There are many considerations that consumers will encounter during a property sale or purchase. Working with a REALTOR® brings the added industry knowledge that goes far beyond the statistics,” added Nekota.

 

For Expert Sales and Pet Friendly Property Management in Honolulu,

CONTACT HI Pro Realty TODAY!

 

 

Note:

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

 

 

 

 

Posted by

 

   HI Pro Realty - PET FRIENDLY HONOLULU REALTOR, PROPERTY MANAGEMENT

  

HI Pro Realty LLC - REALTORS®, PROPERTY MANAGERS® is a boutique brokerage firm offering responsive, dedicated, and professional Real Estate Sales and Management Services in Honolulu, Hawai'i. 

 

    Office: (808) 941-8866    Mobile: (808) 926-7667

 

 

 

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Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Nice update on the Oahu housing market Kimo. These local reports are invaluable for those looking in the area.

Mar 08, 2020 01:51 PM #1
Rainer
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Nicholas Crane
Woodland Companies - Cadott, WI
Managing & Appraising Forest Land

Thanks for sharing the information on this community, I hope you sell many of these properties. 

Nick 

Mar 09, 2020 07:25 PM #2
Rainmaker
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Kimo Stowell
HI Pro Realty LLC RB-21531 - Honolulu, HI
REALTOR Associate® RS-76763 - Honolulu Hawai'i

Aloha Nicholas Crane, thanks for the comment and sentiment. 

Mar 11, 2020 11:38 AM #3
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Kimo Stowell

REALTOR Associate® RS-76763 - Honolulu Hawai'i
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