Read more about September's hot condo market, as reported by Pacific Business News, below:
Home sales on Oahu soared in September on slight price gains, compared to the same month last year, while the median price of a condominium jumped 11 percent to tie with the record set over the summer, according to statistics released Friday by the Honolulu Board of Realtors.
There were 374 single-family home sales on Oahu last month, which was 13.7 percent more than the 329 sales in September 2016. The median price of those homes sold rose to $760,000, which was 1.3 percent higher than the median price a year ago, which was $750,000.
The median price of a condominium, however, rose 10.9 percent to $425,000, tying with the all-time record price set in July, from $383,250 in September 2016. Sales of condos rose 2.7 percent in September to 526 units sold, from 512 units sold during the same month last year.
The number of days on market for single-family homes dropped by 12.5 percent to 14 days, while condos were on market an average of 19 days, compared to 20 days a year ago, a decrease of 5 percent.
“Despite sales prices hitting the record-high twice in one year, condos and townhouses are still proving to be a popular alternative for homebuyers as evidenced by the 11.6 percent increase in pending sales," Sue Ann Lee, president of Honolulu Board of Realtors, said in a statement. “The continued need for affordable housing and lack of sufficient inventory to meet this growing demand can be demonstrated by the decrease in new listings and 5 percent decrease in days on market.”