Community Overview

EWA PLAIN AND Waikiki NEIGHBORHOODS MARK HIGHEST SALES VOLUME ON Oahu

Double-digit increases in closed sales for single-family homes and condos are indicative of a strong real estate market HONOLULU – According to the Honolulu Board of REALTORS® local market update, single family homes and condos in the Ewa Plain, as well as condos in Waikiki experienced doubledigit closed sales increases in January.

The Ewa Plain saw a 45% increase in closed sales of single-family homes, which accounted for 24.2% of all O‘ahu single-family home sales for the month. The median sales price for a singlefamily home in the area dropped 4% to $673,500. Meanwhile, condo sales in the area rose significantly with a 65% increase in sales as the median price dropped 3.6% to $511,000. Properties in the Ewa Plain moved much quicker compared to January 2019, with a median days on market of 28 days and 18 days, respectively, for single-family homes and condos. “The Ewa Plain and Waikiki historically represent the greatest market share of sales and inventory for single-family homes and condominiums, respectively,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “We continue to see buyers and sellers finding value at reasonable price ranges in these neighborhoods.”

Sellers in Waikiki marked a positive start to the new year with a double-digit increase of 21% in closed sales for condos, despite a 33% decline in new listings. “For the first time since December 2018, condo sales in Waikiki marked a year-over-year increase, which is significant considering we consistently saw decreases in sales throughout 2019,” Nekota added. “Waikiki will be a neighborhood to watch as the city continues to look at the enforcement of short-term vacation rentals.” In Waikiki, the median price for a condo is up 18% since last year at $410,000. Although fewer new listings came on the market last month, active listings were up by 3%. Days on market slowed to a median of 51 days compared to 37 days in January 2019.

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. (Source: Honolulu Board of REALTORS®)

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