Honolulu remains a strong market for sellers and a hot market for buyers. Homes are being snapped up in 30 days or less, the absorption rate is still hovering just under 3 months for both condos and single family homes, and with interest rates not likely to rise much in 2019, buying is even more attractive in the coming months. Let’s look at the most recent numbers for Honolulu:
December Honolulu numbers show a steady market for sellers of single family homes, with prices up 14%, while condo prices have decreased by almost 6% compared with this time last year.
Median sale prices in Honolulu have gone up 5% for single family homes and down by almost 2% for condos since Dec 2017.
Even though the number of months of inventory is up 33% for single family homes in Honolulu and 26% for condos, the absorption rate is still in the highly competitive range of 3 months.
Single family homes in Honolulu are spending a median of 30 days on the market while condos are spending a median of 25 days on the market, an increase of 50% and 39% since December 2017.
Compared with December of 2017, there were 8% more new single family homes put on the market and an increase of 17.5% in the number of new condos listed.
There are currently approximately 1,266 active single family homes and 1,910 condos on the market in Honolulu.
376 single family homes and 542 condos in Honolulu are pending sale.
During December, 258 single family homes and 440 condos closed in Honolulu.
In December single family homes received 98.6% of asking price while condos received 99.6% 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 would like help finding your dream Honolulu home.