Oahu Real Estate Market Update

Oahu Real Estate Market Update for April 2018

Housing Inventory Sees Boost in April

The inventory of available single-family homes and condominiums on Oahu increased 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:

Single-Family Home Resales

Number of Sales Median Sales Price
April 2018 289  +3.2% $790,000  +10.9%
April 2017 280 $712,500

Condominium Resales

Number of Sales Median Sales Price
April 2018 547  +12.6% $416,000  +0.1%
April 2017 486 $415,500

During April 2018, the number of single-family houses sold increased by 3.2 percent and condominium sales rose by 12.6 percent from April 2017. The median price paid for single-family houses increased by 10.9 percent to $790,000 from the same time period last year, while condos prices remained relatively flat increasing by 0.1 percent to $416,000. According to the Days on Market indicator, single-family home sales closed at about the same pace from last year at a median of 17 days, while sales were slower for condominiums, with units on the market for 18 days, up from 15 days. New listings for single-family homes and condominiums increased from April 2017 by 13.2 percent and 11.3 percent, respectively.

“Potential homebuyers should be encouraged by the double digit boost in new listings of single-family homes and condominiums for sale that happened in April,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “It appears that sellers are beginning to list properties in anticipation of the traditionally busy summer season. The increase in inventory is promising, however it’s still not enough to keep up with the demand for housing at all price points. With the recent legislation passed at the state level, we hope more of our residents will realize their dream of homeownership.”