OAHU HOUSING MARKET HITS THE GROUND RUNNING IN 2018
Condominium Median Price Reaches New High
Oahu’s housing market started off strong in 2018 with increases in both single-family home and condominium median prices in January according to resales figures released by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2018 | 252 +2.0% | $772,000 +5.8% |
| January 2017 | 347 | $730,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| January 2018 | 374 -1.1% | $430,000 +13.2% |
| January 2017 | 378 | $380,000 |
During January 2018, the median price paid for single-family homes increased by 5.8 percent from the same month last year to $772,000. The median price for condos increased by 13.2 percent to reach a new record of $430,000, which was previously set in July and September of 2017 at $425,000. The sales of single-family homes rose slightly by 2.0 percent, while condominiums sales decreased by 1.1 percent from January 2017. According to the Days on Market indicator, the median days for single-family homes was 21 and 19 days for condominiums.
“The first months of a new year are traditionally a slower time for housing sales on Oahu, so it’s encouraging to see a slight increase in January sales for single-family homes,” said Darryl Macha, 2018 president of the Honolulu Board of REALTORS®. “What’s especially notable is the jump in the median sales price, which set a new record for condominiums. It’s a strong indication that the demand for housing is still very high, but limited inventory continues to be a challenge for potential homebuyers.”
(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)
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