Oahu Hawaii Market Statistics

AUGUST 2018 OAHU HAWAII REAL ESTATE STATISTICS (JULY 2018 DATA) & ANALYSIS | BY DAMON RHYS

In 2018 the housing market on Oahu continues to break median sales price records on a monthly basis with overall prices still increasing unabated compared to last year (June was the only anomaly) for both homes and condos – so far (the notable exception would be the luxury home market). However, from Feb thru Jul of 2018 (last 6 months) we have seen the actual numbers of sales for homes decrease – compared to the same month in 2017 – for 5 out of 6 months. Conversely, for condos during the same 6 month period we have seen an overall increase of sales compared to last year. This is partly due to some buyers being priced out of the home market and choosing a condo as the only viable alternative.

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JUNE 2018 OAHU HAWAII REAL ESTATE STATISTICS (MAY 2018 DATA) & ANALYSIS | BY DAMON RHYS

In 2018 the housing market on Oahu continues to break median sales price records at a steady pace with overall prices increasing unabated – so far. However, from January thru May of 2018 we have seen the actual number of sales for both condos and homes decrease – compared to the same month in 2017 – for 3 out of 5 of the last months. DOMs (Days on Market) for condos jumped by 20% in April and by 35.7% in May. One more month and this upward trend of DOMs (and inventories) becomes statistically significant. Just after a long term real estate cycle peaks the first indicator is a decrease in sales followed by an increase in inventories. Once that continues prices inevitably flatten. We will will be watching the trend closely to see if it is just an anomaly.

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MAY 2018 OAHU HAWAII REAL ESTATE STATISTICS (APR 2018 DATA) & ANALYSIS | BY DAMON RHYS

Here are the May 2018 (April Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors – Hawaii Housing Stats, Apr-2018. In 2018 the housing market on Oahu continues breaking records at a steady pace. In March 2018 we witnessed the median condo price reach $435,000 breaking yet a new and second record in 2018 from January ($430,000). DOMs (Days on Market) for condos jumped by 20% in April partly due to the lofty condo prices though probably statistically insignificant at this point until a continued upward trend can be seen solidifying in the next two months. Most likely any upward condo DOM trend will quickly be mitigated by rising single family home prices (DOM decreasing) – now at approximately 3 times median US prices – are continuing to drive the sales of alternatively more affordable condos.

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MARCH 2018 OAHU HAWAII REAL ESTATE STATISTICS (FEB 2018 DATA) & ANALYSIS | BY DAMON RHYS

Here are the March 2018 (February Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors – Hawaii Housing Stats, Feb-2018. In 2017 we witnessed the housing market on Oahu break some records. In January 2018 we continued breaking records. This time the median condo price reached $430,000 in January 2018 breaking the previous record set in July and September of 2017 at $425,000. Though sales are slightly down this month for single family homes, prices have increased again. Lofty single family home prices – now at approximately 3 times median US prices – are continuing to drive the sales of alternatively more affordable condos. In Summary: Overall Oahu Real Estate Sales have increased by 2% and in January for Single Family Homes while decreasing by 1.1% for Condos compared to the same month last year. The overall combined trend is upward.

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FEB 2018 OAHU HAWAII REAL ESTATE STATISTICS (JAN 2018 DATA) & ANALYSIS | BY DAMON RHYS

Here are the February 2018 (January Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors – Hawaii Housing Stats, Jan-2018. In 2017 we witnessed the housing market on Oahu break some records. In January 2018 we continued breaking records. This time the median condo price reached $430,000 in January 2018 breaking the previous record set in July and September of 2017 at $425,000. Lofty single family home prices – now at approximately 3 times median US prices – are continuing to drive the sales of alternatively more affordable condos. In Summary: Overall Oahu Real Estate Sales have increased by 2% and in January for Single Family Homes while decreasing by 1.1% for Condos compared to the same month last year. The overall combined trend is upward.

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JAN 2018 OAHU HAWAII REAL ESTATE STATISTICS (DEC 2017 DATA) & ANALYSIS | BY DAMON RHYS

Here are the January 2017 (December Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors. In 2017 we witnessed the housing market on Oahu break some records. In June we saw the median price for single family homes reach $795,000 and in July for condos it reach $425,000. In the same month we also saw record breaking DOMs (Days-On-Market) reach a fast paced 12 and 13 days respectively for homes and condos. Higher single family home prices are continuing to drive the sales of alternatively more affordable condos. In Summary: Overall Oahu YTD (Year-To-Date) Real Estate Sales have increased by 6.3% and 6.9% respectively for 2017 compared to 2016 for Single Family Homes and Condos. The overall trend is upward.

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