As the state continues to reopen, statistics show that there were slight signs of improvement in the Oahu Real Estate market last month.
The number of sales are still down for single-family homes when compared year over year, but month to month the number of sales remained the same, with 248 sales in each April and May. This is a 22.5% decrease from last May. For condos there was a slight decrease in number of sales this month when compared to April, dropping from 343 in April to 254 in May. Real Estate Market Update Oahu June 2020
Last month we saw an increase in the number of new listings for both single-family homes and condos, which is a healthy sign. New listings for condos rose from 474 to 547, and new listings for single-family homes increased from 827 to 926. However, these numbers are still drastically different than what we saw last May, when 592 single-family homes were listed and 1,322 new condo listings were put on the market. Honolulu Board of Realtors reported that thirty percent of the properties taken off market in March or April were already put back on the market by the end of May.
Last month, the median sales price for single-family homes was $797,000, which is only a $3,000 decrease from April. Looking at May 2019, this is a 3.5% increase. The median sales price for condos fell by 11.3% to $399,000. Comparing year over year when the median sales price was $417,500, the decrease is slightly lower at 4.4%.
This month, Realtors are once again able to host open houses and the LUVA Oahu team has been busy opening up their listings to potential buyers! As businesses also begin opening their doors, we hope that the we will continue to see more improvements as we head into the Summer.