With the new year and new decade, we are looking forward to another year of steady growth on Oahu! The LUVA Real Estate team on Oahu has remained busy over the holiday season, Broker Kimi Correa stating that “buyers are active, there are multiple choices for them so they have the convenience of taking some time in the decision making process before jumping in and making an offer on a property.” Also, with the Blue Water Navy Act kicking in this month, she feels it will help push some VA buyers further along the home buying process who have been holding off on making purchases.” Read more about the impacts that the Blue Water Navy Vietnam Veterans Act will have on VA loans here.
December 2019 Sales Statistics
The single-family home market on Oahu saw an increase of 19.3% in homes sold sales last month when compared with December 2018 for a total of 309 homes sold. Median sales price also increased for single family homes year over year this past December by 4.1% for a median sales price of $820,000. This is the second highest median sales price for 2019, with July 2019 being the month with the highest median sales price at $835,000. Single family homes spent less time on the market last month, with the median number of days on the market at only 18 days, compared to 40 days in December 2018.
There were 428 condo sales on Oahu last month, which is a slight decrease of 2.7% from December 2018. The median sales price last month for the condo market was $425,500, a 6.8% increase when compared December 2018. The median number of days on the market for condos was 30 days, up slightly from 25 days in December 2018.
2019 Sales Statistics
Overall, Oahu ended 2019 with 3,750 closed single family home sales and 5,408 condo sales. The number of single-family homes sold was up 3.9% from 2018 with the median sales price at $789,000 for the year, which is right on par with prices in 2018 when the median sales price was $790,000. Looking at the condo statistics, the number of units sold has decreased by 4.8% to 5,408 sales from 2018. Last year we saw a slight increase of 1.2% with the median sales price rising from $420,000 in 2018 to $425,000. The Honolulu Board of Realtors President Tricia Nekota stated that “In 2019, we saw a steady and stable market with more active listings, slightly more days on market and median prices remaining relatively flat compared to 2018. These conditions, paired with low interest rates and favorable economic conditions continuing to drive healthy market activity, create an advantageous environment where buyers have purchasing power and sellers have more potential buyers for their properties”.
NAR research anticipates moderate growth with median sales prices increasing around 3.6% in 2020. While most experts do agree that the market will continue to grow this year, they expect it to be a slower market on a national scale. Zillow’s director of economic research, Skyler Olsen, predicts that home value and rent growth will be slower and more sustainable. He also warns those in the market to “not mistake this for a buyer-friendly environment – consumers will continue to absorb available inventory and the market will remain competitive in much of the country”.
Contact us today if you want to find out more about the market conditions and the current availability!