Suzanne Young and Tricia Nekota from the Honolulu Board of REALTORS joined the COVID-19 Care Conversation to share updates on Hawaii’s housing market.

They said that the housing market, as expected, declined over the past couple of months as a result of the coronavirus pandemic. Despite the decrease in sales in April and May, activity in the market is picking back up. Nekota said that this is largely due to the reopening of the economy which has given buyers and sellers more confidence in the market.

When asked if there are fluctuations in housing prices, Young said that due to the low supply and high demand for Hawaii’s housing market, prices are not decreasing. The median price for a single-family home is $797,000 and the median price for a condo is $399,000. While there has not been a significant change in housing prices, interest rates are historically low. “Anyone who is able to buy, should go ahead and do so,” Young said. She understands that many may be discouraged by the median prices, but encouraged interested buyers to explore options online. “Remember, that is the median. We have homes available at every price point,” she said.

Open houses resumed this past weekend and agents are taking necessary precautions to ensure the safety of all individuals. For those who may be uncomfortable touring a home in-person, Nekota suggested booking a virtual tour. Many agents are offering live virtual tours via Zoom, FaceTime and Instagram. Before the pandemic hit not all agents were offering virtual tours, but the current situation has caused agents to put technology at the forefront. Now, many online listings feature virtual tours so Young and Nekota suggest starting the search online. This allows interested buyers to narrow down their search without leaving their homes.

Watch here and comment on our Facebook page. Join tomorrow when Dr. Sanah Christoper from Pali Momi Medical Center will be our guest.

The COVID-19 Care Conversation, sponsored by Hawai’i Executive Collaborative and Hawaii Pacific Health, airs live every weekday at 10:30 a.m. on the Honolulu Star-Advertiser’s Facebook page. Yunji de Nies and Ryan Kalei Tsuji discuss the latest news, resources and community concerns about the coronavirus outbreak in Hawaii.