Hawaii Real Estate Market Data

OAHU HOUSING MARKET SET NEW RECORDS IN 2017 

Single-family home sales up, condos down in December

Oahu single-family home sales were up, while condominium sales decreased in December 2017 according to resales figures released today by the Honolulu Board of REALTORS®.

During December 2017, sales of single-family homes rose by 5.9 percent, while condominiums sales decreased by 12.2 percent from December 2016. The median price paid for single-family homes in December 2017 increased by 2.7 percent from the same month last year to $750,000, while the median price for condos increased by 3.8 percent to $405,000. According to the Days on Market indicator, the median days for both single-family homes was 20 and 18 days for condominiums.

The housing market set several new records during 2017. Three records were set in June when the median price of single-family homes hit a high of $795,000 while also selling at a brisk 12 days on market for single-family homes and 13 days for condos. In July, the median price for condos reached $425,000 for the first time, which was repeated in September.

“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” said the 2017 president of the Honolulu Board of REALTORS®. “In terms of inventory, it’s encouraging to see more condominium and townhome units being actively listed. While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”

 


Source: Honolulu Board of REALTORS®


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View the full November 2017 Oahu Real Estate Market Report below or click here.