MEDIAN PRICE SOARS FOR OAHU CONDOS,
WHILE SALES TAKE A DIP IN MARCH
According to March resales figures released this week by the Honolulu Board of REALTORS®, The median sales price for condominiums reached a new high. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system is shown bellow.
Single-Family Home Resales
Number of Sales Median Sales Price
March 2018 305 -1.3% $760,000 +1.1%
March 2017 221 $752,000
Condominium Resales
Number of Sales Median Sales Price
March 2018 485 -2.0% $435,000 +8.8%
March 2017 362 $400,000
Over the month of March 2018, the median sales price for single-family homes increased by 1.1 percent from March 2017. With Condos, the median price increased by 8.8 percent to hit a new record of $435,000, which was previously set in January 2018 at $430,000.
Sales of single-family homes and condominiums decreased slightly by 1.3 percent and two percent, respectively, from the same month last year. The median days for single-family homes on the market was 14 and 16 days for condominiums.
“The March condominium figures were impacted by the resales of 20 luxury and multimillion dollar units. Consumers should remember that half of sales were below the median price,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “The increase in median prices, even modest ones like we saw in March, reflects the continued limited inventory available. However, it’s encouraging to see the 11 percent increase in active listings for condominiums, giving potential buyers more options in the market.”
For Expert Real Estate Sales and Service in Honolulu,
Comments(2)