After a slower first quarter than what we’ve beared witness to in recent years, second quarter sales numbers were very strong and more or less on par with strong 2018 Q2 numbers. Island wide residential sales came in at just under $150M for the quarter, down 6.5% from last year’s volume over the same period. The number of residential sales, however, increased substantially, with 176 island wide residential trades in Q2, an increase of 20.6% from Q2 of 2018. Island wide condo sales also held par compared to last year with a 3.15% drop in volume to $82.7M. Meanwhile, island wide vacant land sales jumped significantly both by volume and number of sales, with volume jumping 54.8% to $40.6M and the number of sales up 29.6% t0 57 trades.
North Shore Breakdown
On the North Shore specifically, residential sales volume did take a bit of a dip, off 19.7% from $45.2M in Q2 18′ to $36.3M in Q2 19′. Though volume dropped, the number of sales jumped from 25 to 27 in the current period. North Shore vacant land sales were up 1.7% in sales volume to $7.8M (6 sales during the quarter). The North Shore condo segment was the biggest mover in the district with condo sales volume jumping 25% in the quarter, up to $22.1M on 30 sales.
If you’d like to explore the numbers a bit deeper, check out the market snapshot below or via this link for an enlarged version.
The monthly residential sales chart below clearly shows the pickup in Q2. February and March island wide sales were 28 and 29 for February and March, respectively, and jumped to 57 in April, 57 in May and 62 in June. A look at the median sales price columns for both the entire island and the North Shore show that the data indeed exhibits a very tempered downward trend in pricing.
Quarterly Median Sales Prices
The chart below further displays the gradual price adjustments in the market. For the second quarter in a row, prices (both island wide and on the North Shore) have continued a downward trend. That aside, the prices depicted from the current data continue to be historically very high.
A Big Mahalo
At the end of June, national realtor rankings for total residential sales volume were released by Real Trends. We wanted to take a quick moment to thank you all for your trust and confidence in us to be your reatlors over the past years and into the future. We are incredibly humbled and honored to receive Top 10 nationwide recognition in sales volume, ranking #9 in the country in the rankings.