Oahu Housing Sales Slow in November
November sales of single-family homes and condominiums were slower in 2018 than the previous year 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, offer the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| November 2018 | 288 -13.3% | $797,000 +3.0% |
| November 2017 | 332 | $773,500 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| November 2018 | 429 -14.4% | $420,000 3.7% |
| November 2017 | 501 | $405,000 |
The sales of 288 single-family homes and 429 condominiums represent decreases of 13.3 percent and 14.4 percent, respectively, compared to November 2017. The median price paid for a single-family home increased by 3 percent to $797,000 and the median price for a condominium increased by 3.7 percent to $420,000. According to the Days on Market indicator, the median days for single-family homes was 28 and 22 days for condominiums.
“Sales in Oahu’s residential housing market continue to normalize, with the welcomed increase in inventory in the traditionally slower last quarter of the year,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “We’ve seen considerable inventory expansion this year with active listings of single-family homes up by more than 28 percent and condominiums up by 14 percent compared to the same time last year. However, more than half of the inventory of single-family homes was priced above $800,000 and nearly half of the condominium inventory was priced above $475,000, so more inventory in the lower price ranges is still needed. Though when you consider the overall conditions including more selection, continued low mortgage rates, and a stable economy, it’s a favorable time for buyers to purchase a home.”
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.