Oahu Real Estate Market Report: July 2020

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oahu real estateMonth over month the number of total sales and number of new listings have steadily increased for single-family and condos on Oahu. This is a promising sign that the real estate market is moving in the right direction.

Comparing the data to the same time last year, the market is in a considerably less desirable position – however, that is to be expected with the ongoing global uncertainty. The condo market remains to be the market hit the hardest, with number of sales down 34% when compared to last year. The number of single family home sales are down 7.6%

 LUVA Realtors are seeing that buyers are returning to the market to take advantage of the historically low interest rates and decreased competition. LUVA Broker Kimi Correa has commented that on the windward side they are seeing more demand for single family homes compared to condos. Sellers are also becoming more confident in the market, with the number of new listings for single family and condos climbing for the second month in a row. New listings increased from 547 to 632 for condos last month, and from 381 to 423 for single family homes.

Overall, prices are remaining fairly stable – with only a slight sign of decreasing sales price in June. Last month, the median sales price for single-family homes was $770,000, which is a 3% decrease from May. The median sales price for condos increased 5.3% when compared to last month and decreased 2.5% when compared to this time last year. 

Check out the full market report here!