Oahu Hawaii Real Estate Statistics & Analysis
Aloha!
Here are the January 2019 (December Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors – Hawaii Housing Stats, Jan-2018. In 2017 we witnessed the housing market on Oahu break some records. In June we saw the median price for single family homes reach $795,000 and in July for condos it reached $425,000. In the same month we also saw record breaking DOMs (Days-On-Market) breach a fast paced 12 and 13 days respectively for homes and condos. Surprisingly, in Dec 2017, we saw a 12.2% decrease in condo sales but this should be tempered by the fact that Dec 2016 saw a leap of 24% (an anomaly) from the previous year’s Dec (2015) numbers. Higher single family home prices are continuing to drive the sales of alternatively more affordable condos. In Summary:
Overall Oahu Real Estate Sales have increased by 5.9% and in December for Single Family Homes while decreasing by 2.2% for Condos compared to the same month last year. The YTD (Year-To-Date) data shows an overall sales increase of 6.3% for Single Family Homes along with an increase by 6.9% for Condos compared to last year. The overall combined trend is upward.
Median Oahu Real Estate Prices have increased by 2.7% and 3.8% respectively for Single Family Homes and Condos compared to the same month last year while YTD median prices have also increased by 2.7% and 3.8% respectively. The overall trend is upward (the notable exception would be the Hawaii luxury homes areas).
Oahu Real Estate DOM (Days on Market) YTD (Year-To-Date) indicator decreased for Single Family Homes averaging 16 days vs 17 for the same month last year. YTD DOM for Condos has decreased to 17 days compared to 19 for last year. We are also seeing double digit YTD increases in pending sales (in escrow) for both homes and condos compared to the previous year.(Note that Luxury Home areas are still experiencing large inventories – avg. 13.9 months but dropping from 15.6 months a year ago for homes over $1.9M – though definitely and finally decreasing, we are still in extreme Buyers’ Market territory for some of these Oahu Luxury Home neighborhoods).
For the detailed report with a breakdown by neighborhood please see: Oahu Neighborhoods Real Estate Statistics (Dec 2017 Data). Please note that the overall stats for Luxury Homes in Hawaii are very different from that of the Median Home Areas whereas Luxury Home inventory – though coming down- is still high pushing downward pressure on prices in those neighborhoods i.e. Buyers’ Market (Median Home areas are Sellers’ Markets).
Hot Tip – If you are thinking of upgrading to a Luxury Home from a Median Home, now would be a great time to sell your current home and upgrade to a Luxury Home neighborhood. Please call me for details.
Please check out last January newsletter’s very important article: Tax Reform vis-a-vis Hawaii Property Prices and Your Bottom Line. For more information about whether your neighborhood is in a Buyers’ or Sellers’ Market (or if you are a Buyer – the neighborhood you are interested in) please check out my previous blog/newsletters here: Buyers’ or Sellers’ Market? Absorption Rate is the Key and The Latest Buyers & Sellers Market Data on Many East Oahu Areas – Know Before Buying or Selling!
For more analysis of what all this means for Real Estate in Hawaii in 2018 – including tips and marketing strategies for both Buyers and Sellers – please check out my June Newsletter (focus on Buyers) and July Newsletter (focus on Sellers). August Newsletter showcased the Ward Village Condo development! In the September Newsletter we learned how to calculate CAP (capitalization) rates for your investment. October’s Newsletter showed inventory figures for 8 popular Luxury and Semi-Luxury home neighborhoods in East Oahu! Thesee and other months’ newsletters can be found on the Blog section of my website: hawaiidamon.com/blog
Please check out this site’s easy to use Search Tool to find current listings of Hawaii Real Estate now on the market. Homes for sale in Oahu and condos for sale in Honolulu (Waikiki, Ala Moana, Kakaako, Hawaii Kai etc.) can all be found here using the Hawaii Condo Search or Hawaii Home Search tools.
Aloha!
Damon Rhys