September Oahu Single-Family Homes Median Price Tops Previous Record

Oahu’s single-family home median price in September topped the previous record set in August 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
September 2018 309  -17.4% $812,500  +6.9%
September 2017 374 $760,000

Condominium Resales

Number of Sales Median Sales Price
September 2018 511  -2.9% $428,000  +0.7%
September 2017 526 $425,000

In September, the median price for single-family homes increased by 6.9 percent to reach a new high of $812,500, passing the record set August 2018 at $810,000. The median price for condominiums rose by 0.7 percent to $428,000. Sales for single-family homes declined by 17.4 percent and condominium sales also decreased by 2.9 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 17 and 20 days for condominiums.

“We’re starting to see Oahu’s housing market shift a bit with the decline in sales for both single-family homes and condominiums despite the fact that more inventory has become available,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “Consumers seem to be watching and waiting to see if mortgage interest rates are going to continue to rise. However, for those potential homebuyers who are ‘on the fence,’ this is the time to buy since there is more inventory to consider and mortgage rates are still below five percent.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.