Single-family homes and condos show strength in Hawaii

By
Real Estate Agent with Coldwell Banker Pacific Properties RS-66252

How does the real estate market look like on Oahu Hawaii?

Low mortgage interest rates continued to spur market activity on Oahu in February.

According to figures released this week by the Honolulu Board of Realtors®, single-family homes performed strongly again in February with a solid, year-over-year sales volume increase of 18.8%.

Pending sales, those single-family home transactions in escrow, were also up significantly  — 20%. With the spike in sales, the number of single-family home active listings dropped by 11.8% in February, offering less of a selection of homes from which buyers can choose.

Condo sales volume in February bumped down slightly — by 1.6% — but overall, are still ahead of February 2019 sales. Active condo listings are down 2.2%.

While volume was heavy, the median number of days on the market for SF homes increase by 40% over February 2019, and similarly increased by 36% for condos.

While homes and condos took longer to sell, activity and prices remain steady.

“While COVID-19 presents new concerns and uncertainty in the general economy, the impact on our housing market remains to be seen,” says 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 rates.”

 

Sales of Single-Family Homes and Condos | February 2020

Source: Honolulu Board of REALTORS®, compiled from MLS data

Median Sales Price of Single-Family Homes and Condos | February 2020

Source: Honolulu Board of REALTORS®, compiled from MLS data

 

The median price of a single-family home dipped 3% in February — from $789,000 in February 2019, to $765,000 last month.

Notably, 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 median sale price for condos was up — from $415,000 a year ago to $430,000 last month — a 6% increase. More than 75% of the condos sold last month closed below the original asking price, which marks a slight increase compared to February 2019, when 68.2% of the sales closed below the asking price.

 

HOT MARKETS!

In addition to overall island stats, HBR tracks sales by neighborhood. This month’s hot market, includes single-family home neighborhoods with an increase in median sale price of 20% or more, and condo neighborhoods with an increase in MSP of 10% or more (January 2020, compared to January 2019).

NOTE: The Honolulu Board of Realtors reports sales statistics on the Oahu market every month, for the previous month. Data for individual neighborhoods takes more time, hence the HBR report showing neighborhood-specific data pulls figures from January.

Single-family in: % increase 2020 MSP 2019 MSP
Aina Haina – Kuliouou 128% $1,618,750 $710,000
Kaneohe 29% $1,075,000 $835,000
Makaha-Nanakuli 22% $535,000 $437,500
Makakilo 30% $886,500 $682,000
North Shore 62% $1,320,000 $812,500
_________________________________________________________________
Condos in:      
Ala Moana-Kakaako 13% $670,000 $595,000
Kapahulu-Diamond Head 48% $574,500 $387,500
Pearl City-AIea 14% $389,900 $341,000
Waikiki 18% $410,000 $346,000
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Rainer
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Tracy Hawke, The Woodland Companies!
Woodland Management Service - Minocqua, WI
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Thanks for the update on this community, all the best to you as you get many of these properties listed and sold.

Tracy

Mar 25, 2020 12:29 AM #1
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Elle Zhang, Hawaii Realtor, (808)282-8683

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