Oahu Condominium Sales Prices Set New Record in July

The median price for condominiums* on Oahu reached an all-time high in July, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, offer the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
July 2017 335  4.0% $750,000  0.5%
July 2016 322 $746,000

Condominium Resales

Number of Sales Median Sales Price
July 2017 475  7.0% $425,000  6.3%
July 2016 444 $400,000

In July 2017, the number of single-family houses and condominiums sold increased by four percent and seven percent respectively compared to July 2016. The median price for condominiums was $425,000, a 6.3 percent increase from the same period last year, breaking the previous condo sales price record of $415,500 set in April of this year. The median price for single-family houses increased by 0.5 percent to $750,000. The Days on Market for single-family houses saw a spike this July with sales closing at an average of 20 days, a 25 percent increase from 16 days in July 2016. Sales of condos closed at 14 days on the market, a 22.2 percent decrease from 18 days on market during the same period last year.

“Median sales prices for condominiums are the highest we’ve seen as prices have continued to soar,” said Sue Ann Lee, president of Honolulu Board of REALTORS®. “The new record-high for median sales prices for Oahu condos was set in April of this year at $415,500 and then replaced by the new median sales price of $425,000 set last month. Condos and townhouses at midrange price points are a likely alternative when there is a lack of affordable single-family home inventory, causing the median sales price to shift up. In July, the spike in median days on market for single family homes to 20 was skewed by 23 homes closing after more than 200 days on market.”