The Oahu housing market is off to a strong start in 2020. January Honolulu Board of Realtors® figures show increases in both sales volume and prices, compared to January 2018.

And indicators point to the positive trend continuing.

“The combination of confidence in the economy, an increase in available inventory late last year, and continued low mortgage interest rates carried our strengthening real estate market into the next decade,” says Kalama Kim, principal broker at Coldwell Banker Pacific Properties. “The increase in pending sales is an excellent sign of healthy demand and a pre-cursor to stronger closed home sales for the next couple of months.”

Both economic indicators and January HBR data confirms continued equilibrium for buyers and sellers, as the latest figures don’t tip to either a buyer’s or a seller’s market.

“Buyers may interpret the strength of the last few months as stability for the long haul. The numbers continue the slow growth we have seen since May of last year,” adds Kim. “Low mortgage interest rates and first-time homebuyer loan discounts are the benefits of buying in today’s market. However, buyers need to be aggressive in their offers and make decisions quickly, which may make them feel rushed into a sale.

“Sellers should be thrilled with the significant drop in homes for sale last month, which means there will be less competition for buyers, and possibly the return of bidding wars to push home values up,” Kim adds.

Notable, condominium and single-family sellers scored a higher percentage of original asking prices. Last month, single-family home sellers received 97.8% of the original list price, compared to 96.1% a year ago. Condo sellers received 97.6%, up from 97.3% a year ago.

 

Sales of Single-Family Homes and Condos | January 2020

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

Single-family home sales were up 7.7% in January, the seventh consecutive month of sales volume increases. In January, 265 SF homes sold, compared to 246 a year ago.

After two consecutive months of decreases, condominium sales were up 16.3% in January — from 326 in January 2018 to 379 last month.

Approximately 41% of single-family home sales occurred in the $600,000 to $799,999 price range. This price range also represented the most significant jump in sales volume.

The largest chunk of condo sales occurred in the $300,000 to $499,999 price range.

“We continue to see a healthy real estate market with a moderate uptick in sales and a small increase in median days on the market,” says Tricia Nekota, president of the Honolulu Board of Realtors®.

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

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

 

Prices were up across the board in January.

Single-family home prices bumped up 0.3% — from $767,500 in January 2018 to $770,000 last month.

The median sale price for condos was reported up 7.5% — from $399,000 a year ago to $429,000 last month.

This was the second consecutive month of price increases for both categories.

HOT MARKETS!

Year-end data shows the median sales price of a single-family home was down 0.1%, overall, compared to 2018. The year-end median sale price of a condo was up 1.2%.

This month’s hot markets include Oahu neighborhoods that posted a year-end increase in median sale price.

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 December.

Single-family Neighborhood: % increase
Wahiawa 6%
Ala Moana-Kakaako 5%
Makaha-Nanakuli 4%
Kalihi-Palama 2%
Kaneohe 2%
Waipahu 1%
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Condos in:
Downtown-Nuuanu 11%
Ala Moana-Kakaako 9%
Windward Coast 7%
Makaha-Nanakuli 6%
Makakilo 3%
Hawaii Kai 3%
Ewa Plain 2%
Kaneohe 2%
Mililani 2%
Moanalua-Salt Lake 1%
North Shore 1%
Wahiawa 1%