October numbers show it continues to be a great time to sell in the Honolulu market with an absorption rate of three months, buyers snapping up homes that hit the market in less than a month, and single family homes achieving 97% of asking price while condos achieved 97.7% in October.
Average sales prices are up 9% among single family homes in Honolulu since October 2017 and condo average sales prices are up 1.4%.
Single family median home prices have risen 6.4% to $800,000 from October 2017 to October 2018 while the median price for condos has decreased 1.9% since this time last year to $390,000.
There are currently 3 months of inventory for single family homes as well as for condos, meaning the current stock of single family homes and condos would all sell in approximately 3 months. This is a very strong market although the absorption rate is up 30.4% and 15.4% since this time last year.
Median days on market has increased 93.3% for single family homes compared with October 2017 and 19% for condos. This is a sign of a slowing market that is still currently strong.
429 new single family homes hit the Honolulu real estate market in October – down 0.2% from last year – and 702 new condos hit the market in October- up 7.8% from October 2017.
There are approximately 1,431 single family homes on the Honolulu market at the moment as well as 2,085 condos, an increase of 23.7% and 13.3% year over year.
There are currently 440 pending single family home sales and 589 condo sales in the Honolulu real estate market, a year over year decrease of 20.3% and 18.2% respectively.
In October there were a total of 309 single family home closings in the Honolulu real estate market and 443 condo closings, a year over year decrease of 13% and 9.4% respectively.
Among closed sales in October, single family homes in Honolulu received 97% of asking price while condos received 97.7% of asking price, a nominal change of -0.7% and -0.3% since October of 2017.