Oahu Home Sales and Prices Stable at Start of Year
January home sales and median prices were relatively flat for Oahu compared to the same time in 2016 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 | |
|---|---|---|
| January 2017 | 247 (+6.5%) | $730,000 (-0.5%) |
| January 2016 | 232 | $733,500 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2017 | 378 (+11.8%) | $380,000 (+1.5%) |
| January 2016 | 338 | $374,500 |
During January 2017, the number of single-family homes sold rose by 6.5 percent and condominium units rose by 11.8 percent from January 2016. The median price paid for single-family homes in January 2017 decreased by just half a percent from the same month last year to $730,000, while the median price for condos increased by one and a half percent to $380,000. According to the Days on Market indicator, the median days for single-family homes and condominiums were 21 and 26, respectively.
“January to February has historically been the seasonal low for Oahu housing sales, so these figures are typical to start the year,” said Sue Ann Lee, president of the Honolulu Board of Realtors. “However, days on market are still very low and new listings are up. The new inventory coming onto the market is helpful; however, more options at all price points are still needed to keep up with the demand for housing.”