Oahu Home Median Prices Hold Steady in October

Oahu’s housing market held steady in October, 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
October 2017 355  6.0% $752,000  1.3%
October 2016 335 $742,000

Condominium Resales

Number of Sales Median Sales Price
October 2017 489  14.3% $397,500  0.4%
October 2016 428 $396,000

In October 2017, the number of single-family houses sold increased by 6.0 percent compared to October 2016. The median price for single-family houses was $752,000, a 1.3 percent increase from the same period last year. The number of condominiums sold increased by 14.3 percent in October over the previous year, while the median price for condominiums increased by just 0.4 percent to $397,500. According to the Days on Market indicator, single-family houses sold at a slightly faster pace closing at an average of 15 days, four days less than in 2016. Sales of condos closed at about the same rate from October 2017, closing at an average of 21 days on the market, compared to 20 days in October 2016.

“Oahu’s housing market continues to be strong with consistent sales and steady median prices,” said Sue Ann Lee, president of Honolulu Board of REALTORS®. “The fall is traditionally a slower time for home sales, but demand is still robust as there are double digit increases in pending sales for single-family houses, as well as condominiums and townhomes. However, even with a rise in new listings, we still need more inventory to meet the pent up demand for housing.”