Oahu Real Estate Market Report – May 2018

Here is the sales activity for the month of May 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

May 2018                    332                              $778,000         $1,064,083

May 2017                    362                              $745,500         $927,615

 

Condos/ Townhouse Resale Units

# Sales                      Median Price    Average Price

May 2018                    495                              $430,000         $515,482

May 2017                    540                              $406,500         $487,412

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Single Family Home prices and sales volume were both up from the same month last year. The average sales price for the 2nd month this year topped $1 Million. The market is still moving along, even with the increase in interest rates and promises from the Fed to further increase interest rates. The summer months are historically the best months for real estate on Oahu.

Condos and townhouses saw a small dip in volume, following a big April. There was also a decrease in the number of condos listed for sale. The median price and average price did climb over the same month last year.

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.  An interest increase will raise the monthly mortgage
payments for homes, faster than price increases. Buyers have been scrambling to get their home before they are no longer affordable. In some cases, sellers are putting their homes on the market sooner than they originally planned to take advantage of market conditions.

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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