As anticipated, competitive market conditions have returned to the Oahu real estate market. October was a particularly strong month, as low mortgage interest rates, along with years of pent-up demand, pushed up sales. While active listings are still up island-wide, in more than half of Oahu market areas there are fewer homes for sale than a year ago.
Other highlights from the past 12 months of Oahu's real estate market include:
Single-family home sales were strong in the month of October, rising by 11 percent over the previous year; however, sales over the past 12 months were three percent below the previous 12-month period.
Condo sales were also strong in October – five percent above October 2018 – however, over the past 12 months, condo sales are seven percent below the previous year.
At $789,000, the median single-family home price increased by one percent over the past 12 months, while the median condo price was flat at $425,000.
New listings are up six percent for single-family homes and five percent for condos over the previous year.
Months of Remaining Inventory (MRI), or the number of months it would take for all active listings to sell if no new homes came on the market, rose slightly for both single-family homes and condos, to 3.6 months and 4.3 months, respectively. MRI of less than six months is indicative of a seller’s market.