Oahu Single-Family Home Prices Climb Even as Sales Decline in First Half of May

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Oahu Single-Family Home Prices Climb Even as Sales Decline in First Half of May

Demand for single-family homes remains strong

HONOLULU – (May 18, 2020) – Locations’ Research reports that island-wide median single-family home prices climbed by 6.5 percent in the first two weeks of May compared to the same period a year ago, even as sales declined by 13.6 percent. Locations also found:

• Condo sales are down 43.2 percent, while average condo prices are down 4.4 percent. 
• New single-family home listings are down 37.3 percent in the first two weeks of May compared to the same period in May 2019, while new condo listings are down 29.4 percent. 
• In the first two weeks of May, median Days on Market for single-family homes fell by 56.9 percent, from 29 days to just 12.5 days compared the same period a year ago. 
• Days on Market for condos fell by 14.3 percent, from 28 days to 24 days.

“Although we are seeing fewer homes for sale this month than in a typical May, single-family home average prices are actually higher than last month, while time from listing to escrow has decreased by more than two weeks--indicators of strong pent-up demand,” said President and CEO of Locations Jason Lazzerini.

Lazzerini went on to say that Locations expects Oahu single-family homes to remain in high demand, noting that as fewer homes are listed for sale, already low single-family home inventory will be pushed lower, putting upward pressure on prices. Single-family home sales rose in one-third of Oahu market areas in the first two weeks of May compared to the same period a year ago. Market areas that saw increased sales are: East Oahu, Hawaii Kai, Kaneohe, Mililani and Nuuanu-Makiki. Median home prices rose in two-thirds of single-family home market areas, including: East Oahu, Ewa, Hawaii Kai, Kaimuki, Kaneohe, Makakilo, Mililani, Nuuanu-Makiki, Pearl City-Aiea and Waialae-Kahala.

Condo sales were lower in all market areas except Leeward in the first two weeks of May compared to the same period a year ago; however, median condo prices rose in 26 percent of market areas, including: Ewa, Kapiolani-University, Makiki and Mililani.

“While we are seeing fewer new listings and escrows as a result of the coronavirus pandemic and its domino effect on our local economy, there is still strong demand for housing on Oahu—particularly for single-family homes in East Oahu and Hawaii Kai, which saw significant increases in both sales and prices this month,” Lazzerini added. Because each market area—and individual neighborhoods and buildings—are reacting differently to the changing marketplace, prospective homebuyers and sellers should partner with a Realtor® who has access to detailed market data.

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About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For more than 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. Today, Locations has over 400 agents across the state with five offices on Oahu and four on the Big Island (Clark Realty). Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.