Don’t look now but home prices on Oahu are dropping

Don’t look now but home prices on Oahu are dropping
(Image: Hawaii News Now)

HONOLULU (HawaiiNewsNow) - The median sales price for a single-family home on Oahu dropped again in January for a fourth consecutive month thanks to more inventory, new statistics from the Honolulu Board of Realtors show.

The board put the median price for a single-family home at $767,500.

That’s down nearly 1 percent from the same month last year.

Meanwhile, the median sales prices for a condominium on Oahu remained a hair below $400,000, down about 7 percent from January 2018.

The median price means half were above that amount and half were below.

Honolulu Board of Realtors officials attribute the market’s cooling to an uptick in listings.

“We started 2019 with very healthy increases in new listings for both single-family homes and condominiums, adding to the inventory available to potential buyers,” said Jenny L. Brady, president of the Honolulu Board of Realtors.

“In recent years, this volume of listing activity would have been more typical during the spring and summer months, so buyers have more options to consider earlier in the year. Conditions point towards a balanced market for both buyers and sellers.”

Meanwhile, homes also aren’t selling as quickly.

A single-family home remained on the market for a median of 27 days in January. That’s up from 16 in the same month last year.

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