Read more from Pacific Business News, below:
The median price of a single-family home on Oahu jumped 10 percent in April to $795,000, the largest percentage increase for any month in four years, according to a new report by Honolulu real estate firm Locations.
The last time there was a double-digit increase in median price for single-family homes was in February 2014, when the median price rose by 13.2 percent to $679,000, from $600,000 the year before. The last time there was a double-digit increase in April was in 2006, according to Locations.
Sales of single-family homes last month increased 2 percent to 300 homes sold, from 295 homes sold in April 2017.
The median price increased to $795,000, from $720,000 in April 2017, and the number of active listings increased 3 percent to 913, from 889 last year.
The median price of a condominium was flat at $420,500, compared to $419,500 last year, but sales jumped 14 percent to 560 units sold, from 492 units sold in April of last year.
The number of active listings for condos also increased by 14 percent to 1,526 in April, from 1,339 during the same month last year.
Days on market for condos increased to 20 days, from 15 days, while the metric increased to 19 days for single-family homes, from 17 days last year.
“We’re pleased to see more choices for prospective homeowners this spring, with increases to both single-family and condo housing stock,” Scott Higashi, president and CEO of Locations, said in a statement. “While median prices continue to rise, as more inventory comes online this summer it will be key for sellers to understand their particular neighborhood market and price their homes appropriately to attract future homeowners.”
The Honolulu Board of Realtors will release its April market report early next week.