The Honolulu Board of Realtors has released Oahu real estate sales statistics for October 2017, finding a 0.4% increase in the median price for a condo as compared to October 2016. There was a 14.3% increase in closed sales in October 2017, signaling the continued demand for condo properties.
Read more from Pacific Business News, below:
Oahu’s residential real estate market saw single- and double-digit increases in sales of single-family homes and condominiums last month, compared to October 2016, while median prices for both categories posted only slight gains, according to statistics released Monday by the Honolulu Board of Realtors.
Sales of condominiums rose 14.3 percent in October to 489 units, from 428 units during the same month a year ago.
The median price of an Oahu condo was $397,500 in October, which was just 0.4 percent higher than $396,000 in October 2016.
Sales of single-family homes rose 6 percent to 355 homes sold in October, from 335 sold during the same month last year.
The median price of a single-family home in October rose 1.3 percent to $752,000, from $742,000 last year.
“Oahu’s housing market continues to be strong with consistent sales and steady median prices,” Sue Ann Lee, president of Honolulu Board of Realtors, said in a statement. “The fall is traditionally a slower time for home sales, but demand is still robust as there are double-digit increases in pending sales for single-family houses, as well as condominiums and townhomes.
"However, even with a rise in new listings, we still need more inventory to meet the pent up demand for housing,” she said.
The numbers differ slightly from those released last week by Honolulu real estate firm Locations LLC, which bases its monthly statistics on daily compilation of data from the Multiple Listing Service, while the Honolulu Board of Realtors takes a snapshot of the data following the end of the month.