Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.
Photo property of Jack Tyrrell and Company

Photo property of Jack Tyrrell and Company

Over the last 12 months ending in January 2019, prices for condominiums rose by 2 percent, signalizing a slowly stabilizing market. Read more from Pacific Business News, below:

The median price of a single-family home on Oahu over the 12 months ending in January increased by 4 percent, compared to the previous 12-month period, while the median price of a condominium rose by 2 percent, reflecting prices that have stabilized, according to a report from the Honolulu residential real estate firm Locations. 

The median price of a single-family home during the 12-month period from Feb. 1, 2018 until Jan. 31 was $790,000, while the median condo price for the same period was $420,000, Locations said.  

Sales, however, declined during that period, by 9 percent for single-family homes and by 4 percent for condos. 

“When assessing the real estate market, it’s important to consider the long view, as monthly data alone can be misleading,” Locations President Scott Higashi said in a statement. “Over the past 12 months, median prices have stabilized, and inventory has increased in most Oahu neighborhoods.” 

Higashi noted that prospective buyers should act now since interest rates, which are at the lowest point in 10 months, are expected to rise this year. 

For the month of January, Locations reports 250 sales of single-family homes, a 4 percent decrease from the same month last year, while the median price was $768,000, a 2 percent decline. For condos, Locations reports a 15 percent drop in the number of sales to 327 units sold, while the median condo price fell 9 percent to $399,000.