O‘ahu’s Housing Market Remains Sluggish

Median sales prices rise slightly as sales volume dips for both single-family homes and condos

The spring season started with little momentum. Though real estate activity remains sluggish, we continue to see properties in more affordable price ranges sell. Single-family homes priced $899,999 and below experienced a 6.1% increase for a total of 70 sales, and condos within the $200,000 to $399,999 range marked an 11.8% uptick, for a total of 95 sales.

HBR’s latest Monthly Statistics Report shows:

The median sales price for single-family homes rose to $1,100,000, marking a 1.5% year-over-year increase. Conversely, the median price for condos dropped to $500,000, down 6.7% from last March’s record-setting price of $536,000.

Single-family home sales declined by 2.5% year-over-year, while condo sales slumped 22.5%.

Both single-family homes and condos typically enter a contract within a month, with median days on the market at 31 and 29 days, respectively.
Single-family home sales recorded 23% closing above the original asking price compared to 24% last March, while the percentage of condos sold above the asking price dipped slightly to 18% from 21% over the same period.

For the first quarter

First-quarter sales grew 6.1% for single-family homes but fell by 7.1% for condos.
Year-to-date median prices reached $1,070,000 for single-family homes and $505,000 for condos, a 4.4% and 1.0% year-over-year increase, respectively.

“Elevated mortgage rates have prompted another slowdown in market activity,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales.”

Single-family homes continued to draw buyers, with 280 pending sales, an 8.5% year-over-year increase. Condo contract signings remained steady compared to last March, with 439 pending sales, a moderate 1.1% decrease. Pending sales in the $800,000 to $999,999 range continued to mark a sizable share for single-family homes, with 81 contract signings this March, growing 15.7% year-over-year. Additionally, condos priced between $300,000 to $599,999 contributed nearly 50% of the month’s pending sales.

“The journey to homeownership is unique for everyone based on their needs. Working with a REALTOR® ensures clients have the support and expertise needed to navigate shifting market dynamics,” Gendrano added.

New listings in the single-family home market remained nearly steady compared to a year ago, with 291 new listings, a slight 0.7% decline. Meanwhile, condos added 647 new listings, up 22.1%. Overall, new listing volume rose in both markets for the first quarter, with single-family homes up by 9.7% and condos up by 16.2%.

*info courtesy of Honolulu Board of Realtors

The post March Market Report appeared first on Carvill Sotheby's International Realty, Realtors in Oahu HI.

O‘ahu Housing Market Warms Up in February
Single-family home and condo sales continue to rise despite modest increase in median prices

Thus far in the new year, O‘ahu’s housing market continues its upward trajectory. February brought an increase in new listings compared to last year, with 295 in the single-family home market and 533 in the condo market, marking growth of 26.6% and 15.1%, respectively. Notably, the $800,000 to $899,999 price range for single-family homes experienced an 88.0% surge in new listings, while the condo market experienced a 33.8% rise in the $300,000 to $499,999 range. With the exception of Hawai‘i Kai and Kailua, all regions maintained or surpassed last year’s new listing volumes for condos.

Our February Monthly Statistics Report shows:
When combined with January sales, 2024 shows continued improvement over 2023, with total year-to-date sales up by 7.2% compared to the same period last year.

Both single-family homes and condos experienced a year-over-year increase in median sales prices by 8.9% and 6.8%, respectively. Single-family homes ended February at $1,075,000, and condos landed at $512,500.

Median days on market for single-family homes dropped to 30 days from 47 days, while condos stayed on market longer than last year, with a median of 39 days compared to 28 days.

Compared to a year ago, active inventory levels increased by 9.5% for single-family homes and 17.9% for condos. By the end of February, there were 599 active single-family home listings and 1,388 active condo listings.

“The modest increase in sales volume, median prices and new listings indicates O‘ahu’s housing market is warming up,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “Demand for housing remains strong, and it’s critical we encourage accessibility and affordability in our real estate market.”

*info courtesy of Honolulu Board of Realtors

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New Year Sees O‘ahu Home Sales Rise

Properties stay on market a bit longer, but continue to move into escrow in under 30 days

Single-family home sales rose 22.7%, while condo sales ticked up 6.2% compared to this time last year. Month-to-month, the new year started much like 2023 ended, with minimal upticks in sales of single-family homes at 1.1% and condos at 7.4%.

Median sales prices in January 2024 closely resembled year-end figures in late 2023. Single-family home prices reached $1,021,016, up 2.5% month-to-month but down 2.8% from the year-end median of $1,050,000. In January, the median condo price was $502,500, a 1.5% dip month-over-month and a 1.2% drop from the year-end median of $508,500. Year-over-year, single-family home prices grew by 5.3%, while condo prices saw a modest 1.5% increase.

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Both markets experienced an uptick in new listings. Single-family home listings grew 6.3% year-over-year, with 285 new properties for sale. Sellers added 581 new condo listings to the market, an 11.1% year-over-year increase. By January’s end, active inventory levels for single-family homes rose 10.2%, and condos increased 12.7% year-over-year. However, compared to January 2020, just before the pandemic, active inventory levels remained down 25%.

“New listings mean new opportunities for buyers at all price points,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “However, O‘ahu’s housing market still faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.”

Year-over-year, transactions closing above the original asking price remained consistent for single-family homes but decreased for condos. In January 2024, 23% of single-family sales closed above asking, compared to 25% of sales in January 2023. Roughly 17% of condo sales closed above asking, compared to 21% of sales this past year.

*Info courtesy of Honolulu Board of Realtors

The post January 2024 Market Report appeared first on Carvill Sotheby's International Realty, Realtors in Oahu HI.

Rising Mortgage Rates, Limited Inventory Cool O‘ahu’s Housing Market in 2023

Elevated mortgage rates and limited inventory continue to have the most outsized impact on our local market. Our latest report summarizes the newest residential real estate data, looking back at 2023 and the latest from December 2023.

• Sales volume declined for the 23^rd consecutive month for single-family homes and the 19^th straight month for condos.
• The median sales price for a single-family home dipped below $1 million, finishing the month at $996,500, a 5.1% decline from December 2022 at $1,049,500. Conversely, condos experienced a slight increase in median sales price, rising by 1.5% to $510,000 compared to the same time last year.
• New listings increased by 9.8% year-over-year in the single-family home market, while condo listings decreased by 5.9% compared to December 2022.

“Average mortgage rates peaked early in the fourth quarter of 2023 and dipped in November and December,” said Fran Gendrano, president of the Honolulu Board of REALTORS^®. “Though the rates are still higher than this time last year, we saw slight increases in contract signings for both markets, which tells us that buyers are still optimistic and active in their pursuit of a new home.”

Compared to 2022:

• O‘ahu home sales fell by more than a quarter in 2023, with single-family home sales falling 26.3% and condo sales falling 28.0%.
• Median sales prices for properties dipped modestly. The median sales price for single-family homes remained above $1 million, ending the year at $1,050,000, a 5% decline. Meanwhile, the median sales price for a condo was $508,500, a marginal 0.3% decrease.
• Properties spent longer on the market. Single-family homes marked a median of 22 days on market, an 83% increase, and condos marked a median of 21 days on market, up 75%.

The post December Market Report appeared first on Carvill Sotheby's International Realty, Realtors in Oahu HI.

O‘ahu Home Sales Remain Sluggish Amid Holiday Season
Median sales prices steady month over month
November property sales declined slightly year-over-year, with total combined sales for the month dipping about 8% compared to November 2022. Single-family home sales declined by 6.3%, while the condo market saw an 8.8% decrease.

Both markets saw median sales prices in November that closely resembled October 2023 figures. Year-over-year, the median price of a single-family home dipped 4.3% to $1,100,055. Conversely, condos marked a 7.5% increase to $516,179.

“Market activity remains sluggish despite mortgage rates dipping slightly from the peak we saw last month,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS^®. “However, pending sales data revealed that buying activity is rising in the more affordable price ranges for both single-family homes and condos.”

A significant portion of contract signings in November were for single-family homes priced in the $800,000 to $999,999 range, representing almost one-third of pending sales with 56 contract signings. In the condo market, over 75% of pending sales occurred within the $200,000 to $799,999 range, with the highest concentration in the $300,000 to $599,999 range, accounting for approximately 46% of contract signings for the month.

Fewer transactions closed above the original asking price. In the single-family home market, 21% of transactions closed above the original asking price compared to 31% last year. Only 19% of condo sales closed for more than the original asking price, compared to nearly a quarter in November 2022.

*data courtesy of Honolulu Board of Realtors

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Oahu Home Sales Cool Amid Rising Mortgage Rates, Seasonal Slowdown

Fewer properties are selling at the original asking price or higher

Sales volume remained stable in October, with both single-family homes and condos experiencing moderate year-over-year declines of 4.1% and 8.3%, respectively. The median sales price for single-family homes in October increased 4.8% to $1,100,000 while condos experienced a minor 1.0% decrease, ending the month at $515,000.

Compared to the previous month, sales of single-family homes dipped by 8.2%, while condo sales showed an increase of 6.1%. Month-over-month, pending sales volume fell by 17.2% for single-family homes and 12.4% for condos.

“From September to October, we saw fewer buyers and sellers sign contracts, which may be the result of higher interest rates and the start of the standard shift in seasonal activity,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS^®. “We typically see real estate activity slow toward the end of the year as people focus on the holidays and spending time with family.”

Both single-family homes and condos saw a decline in properties closing at their full asking price or more. For single-family homes, 43% of sales (91 properties) closed at or above the asking price, down from 50% (111 properties) in October 2022. For condos, 38% of sales (151 condos) closed at or above the asking price, down from 48% of sales (208 condos) in October 2022. In total, 187 properties—the majority were condos—sold for under $500,000 in October.

*Info courtesy of Honolulu Board of Realtors

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O‘ahu Home Sales Slow as Mortgage Rate Rises
September sales volume down by double-digits, properties spend approximately three weeks on market
The O‘ahu single-family home market maintained a 12-month rolling average of over 200 sales, with 232 properties sold last month, reflecting a year-over-year decline of 16.5%. However, the condo market 12-month sales average fell below 400 sales for the first time since January 2021. Three hundred and seventy-six condos sold last month, marking a 24.2% dive in sales volume compared to September 2022.

In September, the median sales price for single-family homes dipped by 4.5% compared to the previous year, reaching $1,050,000 by month-end. Meanwhile, condos experienced a 6.0% year-over-year increase, with a median sales price of $532,500.

“As the third quarter ended, average U.S. mortgage rates held above 7%, reaching the highest level in more than 20 years,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS^®. “While the interest rate has presented some challenges, we continue to see strong demand from buyers and sellers who receive offers more than the original asking price.”

Approximately 9% of single-family home sales closed at full asking price, while 38% sold above original asking price. Meanwhile, 22% of condo sales received full asking price and 20% of condo sales closed above the original asking price.

*info courtesy of Honolulu Board of Realtors

The post September Market Report appeared first on Carvill Sotheby's International Realty, Realtors in Oahu HI.

O‘ahu Home Sales Rise Month-to-Month, Remain Down Year-Over-Year
Year-to-date, median sales prices dip for single-family homes and condos
Closed sales of single-family homes and condos declined year-over-year, dropping 19.7% and 16.9%, respectively; however, compared to a month ago, single-family homes recorded a 12.5% uptick in sales, while condo sales remained steady.

Compared to 2022, the median sales price for a single-family home dipped 1.4% to $1,110,000, while the condo median sales price increased 3.3% to $515,000. From a year-to-date perspective, the median sales prices for O‘ahu properties fell for single-family homes to $1,050,000, a 5.7% decline from last year, and for condos to $502,000, down 1.6%. Around 33% of single-family homes and approximately 26% of condos sold above their original list price, with sellers receiving an average of 99.1% and 99.6% of their original list prices, respectively.

Sales volumes varied significantly, with single-family homes in the $900,000 to $1,199,999 range seeing a 39.2% decline and a 13.1% increase in the more affordable $600,000 to $899,999 range. For condos, the $100,000 to $499,999 price range experienced the most significant decline in sales volume, falling 24.3% year-over-year, while higher price points remained stable.

August saw more active inventory of single-family homes in the $799,999 and below range, rising 33.8% from a year ago. The Kāne‘ohe and Leeward regions experienced the largest increase in units of active inventory, with year-over-year increases of 52.9% and 16.7%, respectively. Condo inventory increased at most price points, with the bulk of the active listings in the $300,000 to $699,999 range, reflecting a 20.7% hike compared to last year.

*Info Courtesy of Honolulu Board of Realtors

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O‘ahu Home Sales Dip Amid Rising Borrowing Costs
Active inventory and days on market increase as sales volume continues to decline
Both single-family homes and condos experienced a slump in sales as elevated borrowing costs continued to dampen summer buying activity. Single-family home sales fell by 28.2%, and condo sales dropped by 18.5% compared to the same time last year. In both markets, properties that sold in July spent a median of 16 days on the market, just a slight jump up from July 2022, where single-family homes had a median of 11 days and condos had 12 days.

“While the market is different compared to last year, we’re seeing similar trends month to month. Rising borrowing costs have buyers taking a more cautious approach, so homes remain on the market for longer periods, but demand and median sales prices are holding steady due to low inventory,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS^®.

Median sales prices were stable year-over-year, with single-family homes down 1.6% to $1,090,000 and condos even at $500,000. Approximately 53% of single-family home sales closed for the full asking price or more, compared to 65% a year ago. In the condo market, 47% of sales received the total asking price or more compared to 60% of sales in July 2022.

The market also experienced a decline in new listings, with a 28.8% year-over-year drop for single-family homes and a 15.4% fall for condos. However, active inventory for single-family homes and condos remained relatively unchanged from the previous year, with a modest 2.6% growth in active single-family home listings and 9.9% in active condo listings.

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