WAIPAHU SINGLE-FAMILY HOME AND KANEOHE CONDO SALES UP IN FEBRUARY 2020
HONOLULU – According to the Honolulu Board of REALTORS® local market update, single-family homes in Waipahu posted a double-digit percentage increase in closed sales, and Kaneohe condos saw a triple-digit rise in closed sales last month.
Waipahu single-family home sales jumped 64% with 18 sales compared to 11 sales during the same time in February 2019. The median sales price for a single-family home in the area was up 4% to $722,500. New listings and active listings were down over 40% and days on market declined by 21% to a median of 11 days in February. When comparing the last six months to the same period a year ago, total single-family home sales in Waipahu are up by 30.2%.
Closed condominium sales in Kaneohe were up 114% last month, with 15 sales. The median sales price was down 17% at $480,000 compared to $580,000 in February 2019. New and active listings saw positive year-over-year increases with 28 new listings and 71 active listings. When comparing the last six months to the same period a year ago, Kaneohe saw the largest percent increase of closed sales at 29.9%.
“The steady activity we saw in the second half of 2019 has carried over into 2020, and historically low interest rates continue to support opportunities for buyers,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “While overall new and active listings for single-family homes are low, it is important to remember that all neighborhoods are unique. Beyond Waipahu and Kaneohe, we saw positive increases in sales, inventory and median prices in multiple neighborhoods across Oahu.”
The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after the closing of escrow.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu and Molokai single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.
Please click here to download the full LMU report.
About the Honolulu Board of REALTORS®
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,200 boards of REALTORS® in the nation, and, with more than 6,500 members, is one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.hicentral.com.
Megan Tsuchida