OAHU HOME PRICES RISE IN MAY DESPITE COVID PRESSURE ON SALES, LOCATIONS SAYS
Updated: Jun 17, 2020
Read more from Pacific Business News, below:
Average single-family home prices on Oahu rose 6.5% during the first two weeks of May, compared to the same period last year, while sales declined by 13.6% during the same time, as Covd-19 restrictions — and the economic fallout and uncertainty — impacted the residential real estate market, according to research from Locations.
At the same time, sales of condominiums declined by 43.2%, and average prices declined by 4.4%, Locations found.
New listings for single-family homes during the first two weeks of May declined by 37.3% compared to a year ago, while new listings for condos declined by 29.4%.
“Although we are seeing fewer homes for sale this month than in a typical May, single-family home average prices are actually higher than last month, while time from listing to escrow has decreased by more than two weeks--indicators of strong pent-up demand,” Locations President and CEO Jason Lazzerini said in a statement.
Lazzerini said homes on Oahu are expected to remain in demand, and the fewer number of listings will put upward pressure on prices.
“While we are seeing fewer new listings and escrows as a result of the coronavirus pandemic and its domino effect on our local economy, there is still strong demand for housing on Oahu—particularly for single-family homes in East Oahu and Hawaii Kai, which saw significant increases in both sales and prices this month,” Lazzerini said.