Single Family Homes and Condos Continue to rise in April.

The inventory of available single-family homes and condominiums on Oahu increased by double digits, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
April 2018 289  +3.2% $790,000  +10.9%
April 2017 280 $712,500

Condominium Resales

Number of Sales Median Sales Price
April 2018 547  +12.6% $416,000  +0.1%
April 2017 486 $415,500

During April 2018, the number of single-family houses sold increased by 3.2 percent and condominium sales rose by 12.6 percent from April 2017. The median price paid for single-family houses increased by 10.9 percent to $790,000 from the same time period last year, while condos prices remained relatively flat increasing by 0.1 percent to $416,000. According to the Days on Market indicator, single-family home sales closed at about the same pace from last year at a median of 17 days, while sales were slower for condominiums, with units on the market for 18 days, up from 15 days. New listings for single-family homes and condominiums increased from April 2017 by 13.2 percent and 11.3 percent, respectively.

“Potential homebuyers should be encouraged by the double digit boost in new listings of single-family homes and condominiums for sale that happened in April,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “It appears that sellers are beginning to list properties in anticipation of the traditionally busy summer season. The increase in inventory is promising, however it’s still not enough to keep up with the demand for housing at all price points. With the recent legislation passed at the state level, we hope more of our residents will realize their dream of homeownership.”

Information Courtesy of Honolulu Board of Realtors

 

Oahu Condominium Median Price Reaches New High, Sales Dip in March

The median price paid for condominiums reached a new high in March according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
March 2018 305  -1.3% $760,000  +1.1%
March 2017 309 $752,000

Condominium Resales

Number of Sales Median Sales Price
March 2018 485  -2.0% $435,000  +8.8%
March 2017 495 $400,000

During March 2018, the median sales price for single-family homes increased by 1.1 percent from March 2017. The median price for condos increased by 8.8 percent to reach a new record of $435,000, which was previously set in January 2018 at $430,000. Sales of single-family homes and condominiums decreased slightly by 1.3 percent and two percent, respectively, from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 14 and 16 days for condominiums.

“The March condominium figures were impacted by the resales of 20 luxury and multimillion dollar units. Consumers should remember that half of sales were below the median price,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “The increase in median prices, even modest ones like we saw in March, reflects the continued limited inventory available. However, it’s encouraging to see the 11 percent increase in active listings for condominiums, giving potential buyers more options in the market.”