Oahu Condominium Sales and Median Prices Increase, Single-Family Home Sales Dip in February

Housing prices and sales for Oahu were mixed in February 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
February 2018 217  -1.8% $772,500  +2.3%
February 2017 221 $755,000

Condominium Resales

Number of Sales Median Sales Price
February 2018 385  +6.4% $409,000  +6.2%
February 2017 362 $385,000

During February 2018, sales of single-family homes decreased slightly by 1.8 percent from February 2017, while condominium sales increased modestly by 6.4 percent. The median price paid for single-family homes increased by 2.3 percent from the same month last year to $772,500. The median price for condominiums was $409,000, an increase of 6.2 percent. According to the Days on Market indicator, the median days for single-family homes was 19 and 23 days for condominiums.

“The slower pace of sales and modest increase in median prices for both housing categories is typical this time of year, as February has traditionally been the slowest month, ” said Darryl Macha, president of the Honolulu Board of REALTORS®. “While pending sales were slightly down from last year, it’s encouraging to see that new listings increased, especially the 18 percent gain in the condominium market. We expect to see a slow increase in sales starting in March through the peak, usually in July and August.”