The Honolulu Board of REALTORS has released its monthly statistics on median sales prices for both single-family homes and condominiums sold on Oahu. Prices in October 2016 are once again up from 2015. Read more from Pacific Business News, below:
Median sales prices for both single-family homes and condominiums sold on Oahu increased during October, according to the Honolulu Board of Realtors’ monthly analysis of data collected from its Multiple Listing Service system.
The median price of a home sold last month was $742,000, up 3.1 percent from $720,000 in October 2015, while the median condo price rose 7 percent to $396,000 from $370,000.
Median sales prices for both single-family homes and condominiums sold on Oahu increased during October.
Although the number of homes sold on Oahu increased 7 percent to 335 from 313, there was a 5.7 percent drop in condo sales to 428 from 454.
The median days on market for single-family homes and condominiums was 19 and 20, respectively.
“Despite heading into what traditionally is a slower time for sales, demand for single-family homes was robust,” Kalama Kim, board president, said in a statement. “This could be an indication that buyers are trying to find a home to purchase before mortgage interest rates rise.
“Condos did not do quite as well as far as the number of sales is concerned, but the 7 percent spike in median price also is an indication that demand for the units that are available was strong. We are encouraged that there was a sharp rise in new condo listings in October, as more inventory is still needed to satisfy the demand for housing.”
The number of new listings for condos on Oahu rose 16 percent in October to 588, up from 507 in the same month last year. For single-family homes, there were 376 new listings, up 2.2 percent from 368.