Oahu single-family home and condo sales have rebounded after dipping in the spring, as mostly local homebuyers are taking advantage of low interest rates to move to larger or more comfortable homes. A rise in remote work has also allowed some workers to consider neighborhoods outside the urban core that they may have previously excluded due to commute times. Already extremely competitive West and Central Oahu markets, like Ewa, Mililani and Pearl City, are becoming even more competitive as homebuyers look for larger floorplans and outdoor space. Sellers in these markets are at an advantage. With interest rates at all-time lows again—less than three percent for a 30-year fixed mortgage—homebuyers have increased purchasing power heading into the fall.

July 2020 Oahu Real Estate Report: Where has the Single-Family Home Inventory Gone? The effects of the coronavirus pandemic are passing through the real estate market and most measures of market activity are returning to typical levels, a tribute to the continual strong demand for housing on Oahu. July home sales are down compared to July last year; however, both are up by double-digits in the past two months. Homes and condos that closed in July saw another jump in selling prices bid-up over asking prices, signs of continued demand and a competitive market. However, Single-family home ‘Inventory for Sale’ is an exception. Active listings for homes have been lowering for almost a year now; active listings for condos dropped below last year’s level in July and are trending down.

The effects of the coronavirus pandemic have been passing through closed sales and now the market is already showing signs of improvement. Home and condo sales in June are down, -8% and -40% respectively, to last year, however both are up 20% from May. For the longer term, home sales in the past 12 months are up 3% and condo sales down -12% from the previous 12 months.

The effect of the coronavirus is impacting closed sales. Home and condo sales are down 23% and 47% respectively, compared to last year. For the longer term, home sales in the past 12 months are up 3% and condo sales down 10% from the previous 12 months.