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Aloha! Here are the April 2020 (March Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors – Hawaii Housing Stats, March 2020. In 2019 we have saw price increases slow down to the point wherein in several months of the year, prices actually decreased. In June closed sales have actually fell by double digits %s compared to the year before. Many had been wondering if we had reached the peak of our economic and trailing real estate cycle.

In 2018 the housing market on Oahu continued to break median sales price records on a monthly basis, compared to the previous year, with overall prices having increased on a monthly basis for both homes and condos (the notable exception would be the luxury home market). However, in 2019 (actually starting in Dec last year) we have seen price increases slow down to the point where in 3 months so far this year, prices actually decreased.

In 2018 the housing market on Oahu continues to break median sales price records on a monthly basis with overall prices still increasing unabated compared to last year (June was the only anomaly) for both homes and condos – so far (the notable exception would be the luxury home market). However, from May thru Nov of 2018 we have seen the actual numbers of sales for homes decrease – compared to the same months in 2017 – for 7 months in a row.

In 2018 the housing market on Oahu continues to break median sales price records on a monthly basis with overall prices still increasing unabated compared to last year (June was the only anomaly) for both homes and condos – so far (the notable exception would be the luxury home market). However, from Feb thru Jul of 2018 (last 6 months) we have seen the actual numbers of sales for homes decrease – compared to the same month in 2017 – for 5 out of 6 months. Conversely, for condos during the same 6 month period we have seen an overall increase of sales compared to last year. This is partly due to some buyers being priced out of the home market and choosing a condo as the only viable alternative.

In 2018 the housing market on Oahu continues to break median sales price records at a steady pace with overall prices increasing unabated – so far. However, from January thru May of 2018 we have seen the actual number of sales for both condos and homes decrease – compared to the same month in 2017 – for 3 out of 5 of the last months. DOMs (Days on Market) for condos jumped by 20% in April and by 35.7% in May. One more month and this upward trend of DOMs (and inventories) becomes statistically significant. Just after a long term real estate cycle peaks the first indicator is a decrease in sales followed by an increase in inventories. Once that continues prices inevitably flatten. We will will be watching the trend closely to see if it is just an anomaly.

Here are the May 2018 (April Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors – Hawaii Housing Stats, Apr-2018. In 2018 the housing market on Oahu continues breaking records at a steady pace. In March 2018 we witnessed the median condo price reach $435,000 breaking yet a new and second record in 2018 from January ($430,000). DOMs (Days on Market) for condos jumped by 20% in April partly due to the lofty condo prices though probably statistically insignificant at this point until a continued upward trend can be seen solidifying in the next two months. Most likely any upward condo DOM trend will quickly be mitigated by rising single family home prices (DOM decreasing) – now at approximately 3 times median US prices – are continuing to drive the sales of alternatively more affordable condos.