Oahu Single-Family Home Sales Heat Up in July

Dated: 08/16/2019

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After a relatively quiet start of summer, sales of single-family homes on Oahu jumped by double digits according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

During July 2019, single-family home sales increased by 12.7 percent and condominium sales ticked up by 2.2 percent from the same month last year. Median prices also increased moderately, setting new records. The median price for single-family homes increased by 5.8 percent to $835,000, passing the previous record set in September 2018 at $812,500. The condominium median price also set a new record at $461,500, an increase of 7.5 percent from July 2018 and topping the $435,000 high of March 2018. While new listings in July 2019 were up modestly for both single-family homes and condominiums by 0.2 percent and 4.9 percent, respectively, overall active listings showed gains of 17.3 percent for singlefamily homes and 16.9 percent for condominiums. According to the Days on Market indicator, the median days for single-family homes was 17 and 26 for condominiums.

“This level of year-over-year sales increases was last seen in 2017,” said Jenny L. Brady, President of the Honolulu Board of REALTORS®. “The rise in sales numbers demonstrates robust contract signings over the last few months as buyers actively worked with their REALTORS® to close on offers. Lower mortgage interest rates may have enabled buyers to consider a slightly wider price range. A large portion of the year-over-year increases occurred at above-median price points. This July, there were 80 singlefamily homes that sold in the $900,000 to $1,199,999 price range, compared to 51 last year. For condominiums and townhouses in the $500,000 to $699,999 price range, there were 149 sold this July compared to 106 last year.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

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