Hawaii’s real estate business continues to improve

Hawaii’s real estate business continues to improve

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(AP Photo/Keith Srakocic)

HONOLULU (KHON2) — One segment of the economy that has not been struggling during the pandemic is real estate. Home resales and listings on Oahu reportedly spiked in December as many local residents geared up for the new year.

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According to data compiled by the Honolulu Board of Realtors, resales and closing prices of single family homes and condominiums were higher in December of 2020 compared to their standing just one year before.

A shocking 420 homes sold in December at a median price of $820-thousand. Similarly, 514 condominiums sold that same month, indicating a 20 percent increase since 2019. The condos sold at a median price of $455-thousand.

More single-family homes sold in 2020. At the same time, fewer condominiums sold, but at a higher median price.

“Instead of the typical seasonal lull, the Oahu real estate market saw steady, and even slight increases, in activity through the year’s end despite the ongoing effects of the pandemic,” said Shannon Heaven, president, Honolulu Board of Realtors. “Record-low mortgage rates paired with cautious optimism around reopening continued to drive activity, allowing the market to surpass sales and near new listing levels compared to the fourth quarter of 2019.”

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