As we wrap up the end of 2017, we reflect on a big year in real estate. Read more from The Pacific Business News, below:
Home sales on Oahu increased by more than 6 percent in 2017, while prices gained 3 percent, pushing the median price of a single-family home to $755,000 and a condominium over $405,000, according to the Honolulu Board of Realtors.
There were a total of 3,908 homes sold on Oahu last year, which was 6.3 percent more than in 2016. The median price of $755,000 was 2.7 percent higher than in 2016, when it was $735,000, the board said.
The median price of a condominium was 3.8 percent higher than in 2016, when it was $390,000, while the 5,824 sales represented a 6.9 percent increase from the 5,449 sales in 2016.
For December, however, sales fell 12.2 percent to 461 sales, compared to 525 sales in December 2016. The median price of a condo in December was $405,000, an increase of 3.8 percent from $390,000 in December 2016.
“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” Sue Ann Lee, president of the Honolulu Board of Realtors, said in a statement.
Single-family home sales increased 5.9 percent in December to 361 sales, from 341 sales in the same month the previous year, while the median price increased 2.7 percent to $750,000, from $730,000 in December 2016.
“In terms of inventory, it’s encouraging to see more condominium and townhome units being actively listed,” Lee said. “While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”