The three most telling indicators about the strength of Honolulu’s real estate market are: 1) steadily rising average and median home prices; 2) an absorption rate under 3 months; and 3) 810 Honolulu home sales closed last month, and single family homes received 99.1% of asking price while condos received 98.6% of asking price. It’s a great time to sell if you’re looking to upgrade, and it’s a great time to buy because prices continue to rise.
The price for single family homes in Honolulu is up 9% since this time last year to $1M, while condos have seen a slight 0.3% increase over the same period.
Median sales prices in Honolulu have also increased year over year, with median prices for single family homes up nearly 7% and condos up 0.7%.
There are only 2.8 months of inventory for single family homes and 2.9 months of inventory for condos, meaning the current supply of listings would require less than 3 months to sell. This is a very strong market.
Honolulu single family homes are spending only 17 days on the market, and condos are spending only 20 days, this is a remarkable number even considering the increase of 21% and 5% respectively over this time last year.
388 new single family homes hit the Honolulu real estate market in September – down 9.1% from last year – and 592 new condos hit the market in September- up 5% from September 2017.
There are approximately 1,361 single family homes on the Honolulu market at the moment as well as 2,053 condos, an increase of 10.9% and 11.2% year over year.
There are currently 462 pending single family home sales and 677 condo sales in the Honolulu real estate market a year over year decrease of 21.8% and 12.9% respectively.
In September there were a total of 309 single family home closings in the Honolulu real estate market and 511 condo closings, a year over year decrease of 17% and 2.9% respectively.
Among closed sales in September, single family homes in Honolulu received 99.1% of asking price while condos received 98.4% of asking price, a nominal change of 0.3% and -0.6% since September of 2017.