O‘ahu Housing Market Holding Strong
Record low mortgage rates continue to drive healthy market activity
According to resales figures released today by the Honolulu Board of REALTORS®, single-family home sales performed strongly again in February with a healthy year-over-year increase of 18.8%, while condo sales saw a slight dip of 1.6%. Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| February 2020 | 247 18.8% | $765,000 -3.0% |
| February 2019 | 208 | $789,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| February 2020 | 316 -1.6% | $430,000 +3.6% |
| February 2019 | 321 | $415,000 |
“While COVID-19 presents new concerns and uncertainty in the general economy, the impact on our housing market remains to be seen,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “However, we anticipate that homebuyers will continue to drive steady activity as they take advantage of historically low interest rates.”
Mortgage interest rates continue to average near historic lows, with this week’s average 30-year fixed-rate mortgage falling to a record low of 3.29%.
Single-family homes saw a median sales price of $765,000 or a 3% decline, which is largely due to a boost in sales in the mid-range prices. Homes in the $600,000 to $899,000 range were scooped up by buyers across the island, accounting for 55% of the sales last month. The majority of the total 136 sales occurred in the Ewa Plain region, followed by the Waipahu and Central O‘ahu areas.
Meanwhile, condo sales marked a median sales price of $430,000 or a 3.6% increase from this time last year. Though median condo sales prices continue to climb, more than 75% of the condos sold last month closed below the original asking price. This marks a slight increase when compared to February 2019, when 68.2% of the sales had closed below the asking price.
“There are many considerations that consumers will encounter during a property sale or purchase. Working with a REALTOR® brings the added industry knowledge that goes far beyond the statistics,” added Nekota.