Oahu Housing Sales Slow in December, Median Prices Remain Stable

Oahu housing sales cooled in December while median prices remained stable according to resales figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales

Number of SalesMedian Sales Price
December 2018259  -28.3%$788,000  +5.1%
December 2017361$750,000

Condominium Resales

Number of SalesMedian Sales Price
December 2018440  -4.6%$398,500  -1.6%
December 2017461$405,000

During December 2018, sales of single-family homes decreased by 28.3 percent and condominiums sales decreased by 4.6 percent from December 2017. The median price paid for single-family homes in December 2018 increased by 5.1 percent from the same month last year to $788,000, while the median price for condos decreased by 1.6 percent to $398,500. According to the Days on Market indicator, the median days increased slightly for single-family homes to 30 and 25 days for condominiums.

“While sales slowed and inventory of active listings increased in the last few months of 2018, December home prices remained very stable,” said Darryl Macha, 2018 president of the Honolulu Board of REALTORS®. “We began to see a shift in the market during the last quarter of the year and as 2019 begins, it appears that trends point toward a more balanced market for buyers and sellers. With the increased inventory in both single-family homes and condominiums, well-qualified buyers may have more options to consider. While current mortgage rates are still relatively low, they are anticipated to rise this year, so those ‘on the fence’ may want to consider purchasing sooner rather than later.”