Oahu Median Housing Prices Near Record High in February
Median prices for existing single-family houses reached a near-record high in February, 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 | |
|---|---|---|
| February 2017 | 221 (-7.9%) | $755,000 (7.9%) |
| February 2016 | 240 | $700,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| February 2017 | 362 (+11.7%) | $385,000 (+1.7%) |
| February 2016 | 324 | $378,444 |
During February 2017, the number of single-family houses sold decreased by 7.9 percent, the lowest being 201 homes sold in February 2015, while condominium sales rose by 11.7 percent from February 2016. The median price paid for single-family houses increased by 7.9 percent to $755,000 from the same time period last year. The record median price of $760,000 was set in June 2016. The median price for condos increased by 1.7 percent to $385,000 over last year. According to the Days on Market indicator, the median days for single-family houses and condominiums were 21 and 22, respectively.
“The volume of single-family houses coming onto the market is not keeping pace with the demand,” said Sue Ann Lee, president of the Honolulu Board of Realtors. “With limited inventory, it is no surprise that home prices are soaring. The double-digit increase in condominium and townhome sales reflects buyers’ needs for an affordable alternative to single-family houses.”