Oahu Market Report for July
“We are seeing signs of increased activity driven by eager buyers looking to take advantage of
record-low interest rates coupled with sellers who are slowly wading back in to put their
properties on the market,” said Tricia Nekota, president, Honolulu Board of REALTORS®.
“This real estate activity indicates confidence in our local housing market and contributes to
the recovery of Hawai‘i’s economy.”
Despite a 3.0% slip in sales for single-family homes compared to this time last year, sales of
single-family homes surpassed the average monthly sales for 2019 by 15.3% and marked a
19.5% increase compared to June. Sales of homes in the $700,000 to $899,999 range were up
Bennet Group Strategic Communications, 2020
19.4%, but homes in the $600,000 to $699,999 range saw a 26.5% decrease in sales. The
demand for single-family homes remains high with properties spending a near record lowmedian of 13 days on the market.
Condo sales dropped 17.0% compared to last July, while month-over-month sales activity
continues on an upward trajectory with a 36.5% increase in sales compared to June 2020.
Overall, there was a decline in sales volumes for condos at most price ranges, except for
condos in the $400,000 to $499,999 price range, which marked a 20.7% uptick compared to
this time last year.
New listings for single-family homes and condos were down 18.8% and 15.6% respectively;
however, compared to last month, new listings for single-family homes and condos are up
7.7% and 9.9% respectively.
“With low inventory and continued declines in new listings, REALTORS® serve as a trusted
partner to help buyers navigate this highly competitive market, where many properties are
experiencing multiple offers that are well above the asking price,” added Nekota.
“REALTORS® also work closely with sellers to manage the high demand and multiple offers.”
