Oahu Real Estate Report: AUGUST 2020 statistics

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Real Estate

O‘AHU’S HOUSING MARKET SEES MIXED ACTIVITY AMID ONGOING PANDEMIC

OAHU HOME SALES REPORT - AUGUST 2020 statistics

(As released by the Honolulu Board of Realtors on 09/06/2020)

Single-family home market marks new record and steady recovery, while condos continue to trail 2019 activity.

According to resales figures released by the Honolulu Board of REALTORS®, O‘ahu’s single-family home market continues to make a steady recovery, while condo activity struggles to regain momentum as the pandemic stretches on. Most notably, sales of single-family homes in August marked a new record-high median sales price of $839,000, climbing from $790,000 this time last year and representing a year-over-year increase of 6.2%.

“A lack of inventory coupled with high demand from buyers looking to capitalize on historically low interest rates is driving a very competitive market for single-family homes on O‘ahu,” said
Tricia Nekota, president, Honolulu Board of REALTORS®. “This is an opportune time for sellers to list their properties as housing values continue to rise, and buyers are on the hunt for
their forever homes.”

Single-family home closed sales continued to slowly regain momentum month-over-month and marked a 2.8% year-over-year increase. However, the lack of inventory is exacerbated by the
falling numbers of new listings with 20.0% fewer listings than last year. Single-family homes are selling 44.4% faster than last year, with these properties spending a median of just 15 days
on the market.

The condo market’s recovery cannot match pace with single-family homes as condos saw neither a year-over-year nor a month-over-month improvement in closed sales. In August, condo sales dropped 20.1% compared to last year and dipped 4.0% compared to July.

However, the median price ticked up 2.5% since last year from $419,500 to $430,000. New listings saw a slight month-over-month increase of 5.9%, but total new listings still trail 19.0% year-over-year. The median days on the market remained steady year-over-year with condos spending 23 days on the market.

During the past three months and within the market of single-family homes, 43% of sellers received their full asking price or higher compared to 35% of sellers during this same period last year.

Following Mayor Caldwell’s Stay-at-Home Work-From-Home order that went into effect on August 27, real estate activity is remaining steady compared to the steep drop in activity following the first Stay-at-Home order in March. Over the past few weeks, new listing activity is relatively level, while new escrow volume marked a year-over-year increase last week.

“REALTORS® have reemployed new technology and shifted how we serve our clients to ensure we keep O‘ahu’s real estate market moving. We continue to observe strict social distancing, use of face masks and sanitation to keep one another and our communities safe,” added Nekota.

In observance of the mandate, the Honolulu Board of REALTORS® suspended all in-person public or broker open houses. As an essential business, real estate remains open with modifications, and REALTORS® continue to serve the housing needs of their clients, buyers, sellers, and landlords. In addition to social distancing, sanitizing, and wearing a mask, REALTORS® have reverted to virtual showings and open houses using innovative technology tools.

(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.)