While the median price of a condominium in April 2019 increased from April 2018 by 0.7 percent, the number of condos that sold fell by 13 percent, with 476 units sold last month. Days on market also rose in April 2019 to 29 days, compared to 18 days in April 2018.
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Sales of single-family homes on Oahu rose by double digits, compared to a year ago, as the median price declined by 3 percent, while the number of condominiums sold in April dropped and the median price stayed relatively flat, according to the Honolulu Board of Realtors.
There were 318 single-family homes sold in April, a 10 percent increase from 289 homes sold during the same month last year. The median price of those homes was $766,750, a decline of 2.9 percent from $790,000 in April 2018.
The median price of a condominium last month was $418,950, which was a 0.7 percent increase from $416,000 in April 2018. But the number of condos sold fell to 476 units, a 13 percent decrease from 547 units sold in April 2018.
“Low mortgage interest rates, coupled with more inventory on the market compared to last year, presented better opportunities for potential homebuyers and spurred more of them to buy,” Jenny L. Brady, President of the Honolulu Board of Realtors, said in a statement. “While condo sales were down comparatively, there was still a healthy number of condo units sold in April.”
Meanwhile, the board noted that active listings increased by 30.6 percent for single-family homes, compared to a year ago, and by 17.6 percent for condos, compared to April a year ago.
Homes are also remaining on the market longer — the median days on market for a single-family home rose to 25 in April, from 17 days last year, a jump of 47.1 percent. For condos, the median days on market rose 61.1 percent to 29 days, from 18 days in April last year.