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 – which are continuing to drive the sales of alternatively more affordable condos. In Summary:
Overall Oahu Real Estate Sales have increased by 3.2% in April for Single Family Homes while also increasing by a double digit 12.6% for Condos compared to the same month last year. The YTD (Year-To-Date) data shows an overall sales increase of .6% for Single Family Homes along with a increase of 4.1% for Condos compared to last year. The overall combined trend is upward.
Median Oahu Real Estate Prices have increased by 10.9% and .1% respectively for Single Family Homes and Condos compared to the same month last year while YTD median prices have increased by 4.6% and 7.5% 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 17 days compared to 18 for the same period in the previous year. YTD DOM for Condos remained the same at 18 days for both years though we did see a drop by 20% in the April data alone compared to last year though, as mentioned above, probably a statistically one off event. (Note that Luxury Home areas are still experiencing large inventories – avg. 14.6 months (March) but dropping from 16 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 (Mar 2018 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). On the other hand, the fear of rising interest rates are creating pressure on prices in the median neighborhoods where the majority of homes are purchased through financing.
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 January’s newsletter’s very important article: Tax Reform vis-a-vis Hawaii Property Prices and Your Bottom Line. If you have a family, school and education should be a priority so please do not miss February’s: Best Schools on Oahau – Private vs Public & Property Values. 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! These 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.