August Oahu Condominium Sales Highest in Over a Decade

The number of condominiums sold on Oahu in August were at its highest in over a decade, 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
August 2017 362  5.2% $786,250  5.2%
August 2016 344 $747,500

Condominium Resales

Number of Sales Median Sales Price
August 2017 575  19.5% $419,000  5.3%
August 2016 481 $398,000

In August 2017, the number of single-family houses sold increased by 5.2 percent compared to August 2016. The median price for single-family houses was $786,250, a 5.2 percent increase from the same period last year. The number of condominiums sold increased significantly in August 2017 to 575, up 19.5 percent from August 2016. The median price for condominiums increased by 5.3 percent to $419,000. The Days on Market for single-family houses remained the same compared to the same period last year with sales closing at an average of 16 days. Sales of condos closed at 18 days on the market, a 20 percent increase from 15 days on market from August 2016.

“The 575 closed sales for condominiums is the highest we’ve seen since 580 sold in August 2006,” said Sue Ann Lee, president of Honolulu Board of REALTORS®. “Although this August’s condo sales did not break the record-high of 831 set in August 2005, it is still the highest we’ve seen in eleven years. Condos and townhouses are becoming an attractive alternative for homebuyers due to the affordable price point. The 11.2 percent increase in condo inventory throughout Oahu provided consumers with more selection, as demonstrated by the nearly 30 percent increase in pending sales.”