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.”

Kalama Kim, principal broker at Coldwell Banker Pacific Properties adds, “As world events affect the world economy, buyers should keep in contact with their agent and loan officer. Interest rates may fluctuate considerably allowing buyers more opportunity — if interest rates drop, they may qualify for a larger amount.”

 

Sales of Single-Family Homes and Condos | February 2020

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

During the first two months of 2020, year-to-date sales volume increased  — a gain of 12.8% for the single-family segment, and 7.4% for the condos.

For the month of February, single-family closed sales were up 18.8% — from 208 sold a year ago, to 247 last month.

Condo sales volume in February — 316 sales — was slightly less than the previous February when 321 units sold — a dip of 1.6%.

Median days on the market increased for the second consecutive month for a single-family home (35 days), and for the 18th consecutive month in the condo segment (34 days).

 

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
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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