Oahu Real Estate Statistics – December 2017

Oahu Real Estate Market Report December 2017

 

Here is the sales activity for the month of December 2017 compared to the same month last year.  This covers resale homes for Honolulu County (Oahu) and does not include new construction homes, unless reported by the builder.

Single-Family Resale Homes

# Sales                        Median Price    Average Price

December 2017          361                              $750,000         $861,097

December 2016          341                              $730,000         $920,466

Condos/ Townhouse Resale Units

# Sales                      Median Price    Average Price

December 2017          461                              $405,000         $477,342

December 2016          525                              $390,000         $450,865

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Single Family Home prices are up, over December of last year.  They did take a little dip from the strong previous month. Sales volume seems to be consistently up a little over last year.  All indicators for single family homes remains positive.

Condos and townhouses are also showing a strong market.  The month of December took a little dip in volume following a huge November.  Prices are up slightly from the same month last year and at the same level as November.

On Oahu, lower priced properties are moving extremely fast and seeing multiple offers in most neighborhoods. Buyers may be outbid a few times before getting the home of their dreams.

Mortgage rates remain historically low.  Even after a couple of increases from the Fed., mortgage interest rates have held.  Mortgage interest rate increases will raise the monthly mortgage payments for homes, faster than price increases.  Many buyers are scrambling to get their home before they are no longer affordable.

The new tax code changes will impact homes with mortgages larger than $750,000.  The new law will also restrict the deduction for state and local taxes to $10,000.

Note about VA Mortgage changes:

As previously reported, the VA deleted many condo complexes and CPR single family homes from their approved list. If you are looking to purchase and the project has been deleted from the VA list, do not worry.  We can get it back on the list.  If you are looking to sell your property, contact us and we can verify if your property has been impacted.  If it is, we can assist in getting it VA approved; allowing you to market to veterans.  This may give you an advantage over competitors.

Contact us anytime for updated numbers for your property or individual community.

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*Median price means half the prices were above and half below the given price.  For additional stats, please contact me.

Data was taken from the Honolulu Board of REALTORS® MLS system.  It is deemed to be accurate, but not guaranteed.

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