Oahu Real Estate Report: JUNE 2020 stats are in!

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Real Estate

SINGLE-FAMILY HOME AND CONDO SALES SHOW MONTH-OVER-MONTH INCREASES

OAHU HOME SALES REPORT - JUNE 2020 statistics

(As released by the Honolulu Board of Realtors on 07/06/2020)

Mid-year O‘ahu single-family home sales trail 2019 by 5%.

While total sales are down compared to the same time last year, month-over-month sales increased, according to resales figures released today by the Honolulu Board of REALTORS®. Total combined sales were down by 23.3% compared to June 2019; however, from May to June 2020, total sales increased by 22.3%.

“The month-over-month improvement indicates our market is steadily strengthening as the state reopens,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “With interest rates at record lows, it’s an opportune time for buyers. We also continue to see pent up demand and low inventory creating advantageous conditions for sellers.”

Single-family home sales were down by 7.6% compared to the same time last year but increased 21.8% from May. The median sales price declined by 3.8% to $770,000 compared to June last year. New listings fell short of 2019 by 14.6%, but again saw a month-over-month gain of 13.6%.

Condominium sales remained sluggish, with June sales down 34.0% compared to the same time last year. Month-over-month sales activity saw an improvement with closed sales up 22.8%. New condo listings were down by 20.8% year-over-year, but up by 17.5% from May to June. Sales declines occurred across all price ranges.

“Although unemployment is high and the impacts of COVID-19 are far from over, real estate remains a bright spot as an economic driver to help our community recover,” added Nekota.

Year-to-date, single-family home sales are at 95% of where they were last year, and condo sales are at 78% of 2019 sales. Median prices have been stable – single-family homes saw a 1.3% rise to $785,000, and condos saw a 2.1% increase to $427,750.

(NOTE: Data reflects resales of existing properties only and does not include sales of new home construction. The mention of "condominiums" also include townhomes. "Days On Market" is the number of days before the listing has an ACCEPTED offer and goes into escrow.)