We’re pleased to share the Oahu real estate update for February 2020.
O‘ahu Housing Market Holding Strong and record low mortgage rates continue to drive healthy market activity
According to resales figures released today by the Honolulu Board of REALTORS®, single-family home sales performed strongly again in February with a healthy year-over-year increase of 18.8%, while condo sales saw a slight dip of 1.6%.
Mortgage interest rates continue to average near historic lows, with this week’s average 30-year fixed-rate mortgage falling to a record low of 3.29%.
Single-family homes saw a median sales price of $765,000 or a 3% decline, which is largely due to a boost in sales in the mid-range prices. Homes in the $600,000 to $899,000 range were scooped up by buyers across the island, accounting for 55% of the sales last month. The majority of the total 136 sales occurred in the Ewa Plain region, followed by the Waipahu and Central O‘ahu areas.
Meanwhile, condo sales marked a median sales price of $430,000 or a 3.6% increase from this time last year. Though median condo sales prices continue to climb, more than 75% of the condos sold last month closed below the original asking price. This marks a slight increase when compared to February 2019, when 68.2% of the sales had closed below the asking price.
Single-family home sales for Q1 2017 priced from $1 to $2 million increased 10.5% compared to Q1 2016, with 147 homes sold. This price point has 5.9 months’ supply of inventory, a decrease of 12.1 percent compared to last year at this time. Supply continues to trend down on Oahu.
To learn more, download the companion print report which also showcases market statistics for a number of Oahu luxury neighborhoods including Diamond Head, Waialae-Kahala, Portlock, Lanikai and more, found here: http://lsir.us/Oahu-2017-Q1.
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Aloha and welcome to The Quarterly Luxury Market Report from LIST Sotheby’s International Realty, where we take a closer look at the most recent real estate activity here on Oahu.
As of Q3, single-family home sales for Q3 2016 priced from $1 to $2 million are down by 13.3% compared to all 2015 sales, with 527 homes sold. Nonetheless, the year-to-date sales in this category still exceeds all homes sold in this segment in 2014. This price point has 6.9 months’ supply of inventory, a decrease of 4.7% compared to last year at this time.
To learn more, watch the complete video or download the companion print report which also showcases market statistics for a number of Oahu luxury neighborhoods including Diamond Head, Waialae-Kahala, Portlock, Lanikai and more, found HERE:
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Based on information form the Multiple Listing Service of HiCentral MLS, Ltd. Information is deemed reliable but not guaranteed. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information obtained from HBR RETS. Information provided by seller/other sources, not verified by broker. All interested persons should independently verify accuracy of all information.
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