Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.

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Industry News: Oahu condo sales, prices post gains in February, Locations report says

Photo: property of Jack Tyrrell and Company

Photo: property of Jack Tyrrell and Company

The condominium market remains busy, as sales on Oahu rose 50 percent in February 2018 as compared to February 2017. 395 units were sold last month, compared to 377 units sold in February last year. The median price of a condo rose 5 percent to $411,000 in February 2018, from $390,000 during the same month last year.

Read more from Pacific Business News, below: 

Sales of condominiums on Oahu rose 5 percent in February, as prices rose by the same percentage point, while single-family home sales recorded a slight decline in sales and a slight increase in prices, according to a report from Hawaii real estate firm Locations.

The median price of a single-family home on Oahu last month was $770,000, a 1 percent increase from $760,000 in February 2017, based on Locations’ summary of Multiple Listing Service data. Sales of single-family homes in February dipped 1 percent to 225 homes sold, from 230 homes sold last year.

Sales of condominiums, however increased by 5 percent to 395 units last month, from 377 units sold in February last year. The median price of a condo rose 5 percent to $411,000 in February, from $390,000 during the same month last year.

“February was another solid month for Oahu’s housing market,” Scott Higashi, president and CEO of Locations, said in a statement. “Rising mortgage rates have not yet reached the point of impacting affordability; however, we do expect rates to move up this year.”

Single-family homes spent the same amount of time on the market in February, 23 days, as last year, but condos sold faster — days on market were 18 compared to 24 days in February last year.

“The increase in condo sales, coupled with low days on market, indicates that climbing interest rates have not yet lessened demand; rather, they may have heightened urgency among future homeowners,” Higashi said. “Those in the market for a new home would be wise to get prequalified and be ready to act when the right home comes on the market.”

The Honolulu Board of Realtors will release its February market report next week.

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Median prices for Oahu condos and homes continue to climb in July 2016

Pacific Business News' James Prichard has reported on the July 2016 analysis of Multiple Listing Service (MLS) sales provided by the Honolulu Board of Realtors, below.  The median sales price for a condo was $400,000, an increase of 14.3% from July 2015's median sales price of $350,000, showing that the market is still very strong.  Read a more detailed overview, below: 

Despite declines in year-over-year unit sales, median prices continued to climb for single-family homes and condominiums on Oahu that sold during July, according to an analysis of Multiple Listing Service data by the Honolulu Board of Realtors.

The median sales price for a condo hit $400,000 last month compared with $350,000 in July 2015, an increase of 14.3 percent. The median price for a home was $746,000 compared with $710,000, up 5.1 percent.

There were 444 condos sold during July compared with 501 in the same month last year, a decrease of 11.4 percent, while 322 homes were sold compared with 337, down 4.5 percent.

In July, the median days on the market for condominiums was 18 and for homes was 16.

“While sales of both single-family homes and condos dipped compared to the previous year, the increase in prices year-over-year for both indicates the housing market is still very strong,” Kalama Kim, president of the board, said in a statement. “The drop in condo sales is typical of the cyclical nature of the real estate market. Historically, we’ve seen a peak in condo resales during the summer, followed by a slight dip the following month. As for prices, a decrease in the number of sales with a corresponding increase in prices usually means buyers are being more aggressive with their offers. That said, home affordability is more favorable than a decade ago because of extremely low mortgage interest rates.”

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