Oahu Home Median Prices Hold Steady in October

Homebuyers closed on an increased number of both single-family homes and condominiums in November according to resales figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales

Number of Sales Median Sales Price
November 2017 332  12.9% $773,500  3.1%
November 2016 294 $750,000

Condominium Resales

Number of Sales Median Sales Price
November 2017 501  19.0% $405,000  2.5%
November 2016 421 $395,000

During November 2017, sales of single-family homes rose by 12.9 percent compared to November 2016, while condominium sales increased by 19 percent compared to the same time period. The median price paid for single-family homes in November 2017 increased by 3.1 percent from the same month last year to $773,500. The median price for condominiums increased by 2.5 percent from November 2016 to $405,000. According to the Days on Market indicator, the median days on market for single-family homes and condominiums was 16 and 20, respectively.

“The last quarter of the year has traditionally been a slower time for sales, however November demonstrated continued strength in the market with the double-digit increases for both single-family homes and condominiums,” said Sue Ann Lee, Honolulu Board of REALTORS® president. “Pending sales in both housing categories also increased last month. While we’re encouraged by the increase in new condominium listings, there still needs to be more inventory for single-family homes to meet the need for housing.”