2018 is starting off with a bang, with median price for a condo on Oahu already hitting an all-time high this past January. January's median price of $439,000 beats the previous record set in July 2017, which was $425,000. Pacific Business News reports on data from Locations Hawaii, below:
The median price of a condominium on Oahu reached an all-time high of $439,000 in January, beating the previous record set in July, while the median price of a single-family home rose by 7 percent, according to monthly sales statistics from Honolulu real estate firm Locations.
Sales of single-family homes on Oahu reached a 12-year high for January of 258 houses sold, from 255 sold in January 2017. The median price of a single-family home rose to $779,000, from $730,000, the Locations report said.
The number of condos sold on Oahu last month declined by 4 percent to 382 units sold, from 399 units sold during the same month last year. The median price of $439,000 was a 12 percent increase from $393,000 in January 2018, and eclipsed the record of $425,000 set in July.
“The market is off to a healthy start in 2018,” Scott Higashi, President and CEO of Locations, said in a statement. “January single-family home sales were the highest we’ve seen in 13 years, and condo median prices reached an all-time high of $439,000.”
Homes sold more than 30 percent faster in January as well, with the number of days on market dropping to 21 for single-family homes and 20 for condos.
New listings for condos grew 13 percent last month to 763 units for sale, from 675 in January 2017, although new listings for single-family homes declined by 6 percent to 450, from 479 last year.
“With an increase in both new and active condo listings, we can expect to see more sales and increased prices throughout the spring,” Higashi said. “Additionally, interest rates — while still historically low — are ticking up toward a three-year high.”
Locations compiles its figures by filtering data from the Multiple Listing Service daily. The Honolulu Board of Realtors will release its report this week, based on MLS statistics taken on the last day of the month of everything sold during that month.