Oahu Real Estate Market Report – April 2018

Here is the sales activity for the month of April 2018 compared to the same month last year.  This covers resale homes for Honolulu County (Oahu) and does not include new construction homes, unless reported by the builder.  Contact us anytime for a customized Oahu real estate market report for your community or individual property.

Single-Family Resale Homes

# Sales                       Median Price    Average Price

April 2018                    289                              $790,000         $972,727

April 2017                    280                              $712,500         $871,788

 

Condos/ Townhouse Resale Units

# Sales                      Median Price    Average Price

April 2018                    547                              $416,000         $512,405

April 2017                    486                              $415,500         $463,051

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Single Family Home prices and sales volume were both up from the same month last year.  The average sales price was down from last month’s record when it topped $1 Million.  It is still up tremendously over last year at the same time.  The median price sets a new high.  The market is still moving along, even in the face of threats from the Fed to further increase interest rates.  The upcoming months are normally our strongest months for Hawaii.

Condos and townhouses showed a strong increase in volume.  The median price has leveled a bit, but the average price has climbed.

On Oahu, sales have been strong.  Lower priced properties are still moving extremely fast and seeing multiple offers in many neighborhoods.

Mortgage rates have seen small increases.  Interest rate increases are creating a sense of urgency in the market.  An interest increase will raise the monthly mortgage payments for homes, faster than price increases.  Many buyers are scrambling to get their home before they are no longer affordable.

The new Federal tax code changes will impact homes with mortgages larger than $750,000.  The new law will also restrict the deduction for state and local taxes to $10,000.

Honolulu County has a tax category (Residential A) for investment properties that are over $1 Million in assessed value.  The taxes go up tremendously on those properties.  As you see, the average sales price of a single-family home in March was over $1 Million.  This tax penalty also applies to a home that the owner did not file their home-owners exemption form.  If you are not sure about the status of your property, we can look it up for you.

Contact us anytime for updated numbers for your property or individual community.

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*Median price means half the prices were above and half below the given price.  For additional stats, please contact us.

Data was taken from the Honolulu Board of REALTORS® MLS system.  It is deemed to be accurate, but not guaranteed.

About Randy Prothero

Randy works with both buyers and sellers and takes extreme pride in having placed many first time home buyers in homes. He is an area expert for residential real estate and one of a small handful of agents who specialize in working with VA / Military clients. His services are normally free to buyers.

Contact Randy to start the process of buying or selling a home. He will make it a pleasant experience.

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