Oahu Housing Market Off to a Strong Start in 2018

Condominium Median Price Reaches New High

Oahu’s housing market started off strong in 2018 with increases in both single-family home and condominium median prices in January 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 show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
January 2018 252  +2.0% $772,000  +5.8%
January 2017 247 $730,000

Condominium Resales

Number of Sales Median Sales Price
January 2018 374  -1.1% $430,000  +13.2%
January 2017 378 $380,000

During January 2018, the median price paid for single-family homes increased by 5.8 percent from the same month last year to $772,000. The median price for condos increased by 13.2 percent to reach a new record of $430,000, which was previously set in July and September of 2017 at $425,000. The sales of single-family homes rose slightly by 2.0 percent, while condominiums sales decreased by 1.1 percent from January 2017. According to the Days on Market indicator, the median days for single-family homes was 21 and 19 days for condominiums.

“The first months of a new year are traditionally a slower time for housing sales on Oahu, so it’s encouraging to see a slight increase in January sales for single-family homes,” said Darryl Macha, 2018 president of the Honolulu Board of REALTORS®. “What’s especially notable is the jump in the median sales price, which set a new record for condominiums. It’s a strong indication that the demand for housing is still very high, but limited inventory continues to be a challenge for potential homebuyers.”