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.”