Total sales were on the rise in January 2020 on Oahu, with combined condominium and single-family home sales rose 12.6%. Single family home sales were up by 7.7% and condominium sales up by 16.3%.
Looking closer at the 265 single family homes that sold last month, median sales price was $770,000 which is a slight increase over January 2019 by 0.3%. According to the Honolulu Board of Realtors, about 41% of these sales were between $600,000-$799,999 price range. In the Oahu condo market, the 379 sales in January 2020 had a median sales price of $429,000, a 7.5% price increase when compared to January 2019. The Honolulu Board of Realtors reported that the “most substantial portion of condominium sales occurred in the $300,000 – $499,999 price range, while a 51.7% increase in sales volume occurred in the $400,000 – $599,999 price range.”
Interesting to note, for the first time since 2014 condo and single-family homes are both remaining on the market longer than 30 days, with single family homes on the market for a median of 35 days and condos remaining on the market for 33 days. This can be compared with December 2019 when single family homes were on the market for a median of 18 days, almost half the amount of time as last month. For condos there was a small increase in days on the market when compared with December 2019 when listings remained on the market for 25 days.
This moderate increase does not concern Tricia Nekota, president, Honolulu Board of Realtors, “We continue to see a healthy real estate market with a moderate uptick in sales and a small increase in median days on the market. Both single family home and condominium sales were most active in the affordable to mid-range price categories, which is encouraging, especially for first-time homebuyers.”