Median Sales Price of Oahu Condos Tied with Record High Set in July
The median sales price for condominiums in September tied with the record median sales price set in July of this year, 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, offer the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| September 2017 | 374 13.7% | $760,000 1.3% |
| September 2016 | 329 | $750,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| September 2017 | 526 2.7% | $425,000 10.9% |
| September 2016 | 512 | $383,250 |
In September 2017, the number of single-family houses sold increased by 13.7 percent compared to September 2016. The median price for single-family houses was $760,000, a slight increase by 1.3 percent from the same period last year. The number of condominiums sold in September 2017 was at 526, a 2.7 percent from September 2016. The median price for condominiums increased by 10.9 percent to $425,000, tying with the all-time record high set in July 2017. The Days on Market for single-family houses decreased by 12.5 percent from the same period last year with sales closing at an average of 14 days. Sales of condos closed at 19 days on the market, a five percent decrease from 20 days on market from September 2016.
“The median sales price for condominiums in September is once again the highest we’ve seen in less than a year as the median sales price tied with the all-time record high of $425,000 set in July 2017,” said Sue Ann Lee, president of Honolulu Board of REALTORS®. “Despite sales prices hitting the record-high twice in one year, condos and townhouses are still proving to be a popular alternative for homebuyers as evidenced by the 11.6% increase in pending sales. The continued need for affordable housing and lack of sufficient inventory to meet this growing demand can be demonstrated by the decrease in new listings and five percent decrease in Days on Market.”