November Honolulu numbers show a steady market for sellers, with prices up 6% for single family homes and 8% for condos compared with this time last year.
Median sale prices in Honolulu have gone up 3 and 4% since Nov 2017 for single family homes and condos respectively.
Even though the number of months of inventory is up 40% for single family homes in Honolulu and 24% for condos, the absorption rate is still in the highly competitive (for sellers) range of 3 months.
Single family homes in Honolulu are spending a median of 28 days on the market while condos are spending a median of 22 day on the market, an increase of 75% and 10% since November 2017.
Compared with November of 2017, there were 18% more new single family homes put on the market and a decrease of 3% in number of new condos listed.
There are currently approximately 1,454 active single family homes and 2,103 condos on the market in Honolulu.
405 single family homes and 574 condos in Honolulu are pending sale.
During November, 288 single family homes and 429 condos closed in Honolulu.
In November single family homes received 96.9% of asking price while condos received 97.9% of asking price.
The market is holding strong and steady in Honolulu, and current conditions continue to favor sellers. Please let me know if you would like to sell your Honolulu home or help you find your dream Honolulu home.