Oahu Housing Market Off to a Strong Start in 2018
Condominium Median Price Reaches New High
Oahu’s housing market started off strong in 2018 with increases in both single-family home and condominium median prices in January 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 | |
|---|---|---|
| January 2018 | 252 +2.0% | $772,000 +5.8% |
| January 2017 | 247 | $730,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2018 | 374 -1.1% | $430,000 +13.2% |
| January 2017 | 378 | $380,000 |
During January 2018, the median price paid for single-family homes increased by 5.8 percent from the same month last year to $772,000. The median price for condos increased by 13.2 percent to reach a new record of $430,000, which was previously set in July and September of 2017 at $425,000. The sales of single-family homes rose slightly by 2.0 percent, while condominiums sales decreased by 1.1 percent from January 2017. According to the Days on Market indicator, the median days for single-family homes was 21 and 19 days for condominiums.
“The first months of a new year are traditionally a slower time for housing sales on Oahu, so it’s encouraging to see a slight increase in January sales for single-family homes,” said Darryl Macha, 2018 president of the Honolulu Board of REALTORS®. “What’s especially notable is the jump in the median sales price, which set a new record for condominiums. It’s a strong indication that the demand for housing is still very high, but limited inventory continues to be a challenge for potential homebuyers.”