Oahu Median Housing Prices and Sales Remained Steady in March

Median prices and closed sales for existing single-family houses and condominiums held steady in March, 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
March 2017 309  (+4.0%) $752,000  (+3.7%)
March 2016 297 $725,000

Condominium Resales

Number of Sales Median Sales Price
March 2017 495  (+0.8%) $400,000  (+3.9%)
March 2016 491 $385,000

During March 2017, the number of single-family houses sold increased by 4 percent. Condominium sales rose by 0.8 percent from March 2016. The median price paid for single-family houses increased by 3.7 percent to $752,000 from the same time period last year, while condos increased by 3.9 percent to $400,000. According to the Days on Market indicator, sales closed at a faster pace compared to a year ago with single-family houses on the market for 16 days, down from 18 days, and condominiums on the market for 15 days, down from 19.

“Oahu median home prices and sales volume are holding steady, and properties are selling briskly, as indicated by the relatively short days on market,” said Sue Ann Lee, president of the Honolulu Board of REALTORS®. “The increase in pending sales shows that there’s continued demand for housing at all price points. Additionally, with the more than 37 percent increase in inventory for single-family houses and 27 percent increase for condominiums from last year, and the still historically low mortgage interest rates, potential buyers have options for their new home.”