Pacific Business News' James Prichard has reported on the July 2016 analysis of Multiple Listing Service (MLS) sales provided by the Honolulu Board of Realtors, below. The median sales price for a condo was $400,000, an increase of 14.3% from July 2015's median sales price of $350,000, showing that the market is still very strong. Read a more detailed overview, below:
Despite declines in year-over-year unit sales, median prices continued to climb for single-family homes and condominiums on Oahu that sold during July, according to an analysis of Multiple Listing Service data by the Honolulu Board of Realtors.
The median sales price for a condo hit $400,000 last month compared with $350,000 in July 2015, an increase of 14.3 percent. The median price for a home was $746,000 compared with $710,000, up 5.1 percent.
There were 444 condos sold during July compared with 501 in the same month last year, a decrease of 11.4 percent, while 322 homes were sold compared with 337, down 4.5 percent.
In July, the median days on the market for condominiums was 18 and for homes was 16.
“While sales of both single-family homes and condos dipped compared to the previous year, the increase in prices year-over-year for both indicates the housing market is still very strong,” Kalama Kim, president of the board, said in a statement. “The drop in condo sales is typical of the cyclical nature of the real estate market. Historically, we’ve seen a peak in condo resales during the summer, followed by a slight dip the following month. As for prices, a decrease in the number of sales with a corresponding increase in prices usually means buyers are being more aggressive with their offers. That said, home affordability is more favorable than a decade ago because of extremely low mortgage interest rates.”