Following the momentum of February’s strong condo sales, March was another strong month. Sales were up an incredible 73.1% and the median sales price up 11.2% to $346,700. I actually had to do a double check when I saw that sales were up that much.
Looking closer at the data, it appears the reason for the huge increase was Holomua (a new construction project) closed out last month. When you take out the Holomua closings and only consider resales, our sales were still up 21.6% and the median price would have been up 9.1% to $340,000, which are still strong gains when comparing to March of 2012.
Oahu Home Sales and Prices Also Up
Although the single family home market wasn’t quite as strong as the condo front, there were decent gains nonetheless with the median price up 2.4% to $640,000 and sales were also up 4.1% from 2012. Although we typically quote median prices here on Oahu, the average price was actually up to $810,373 which is more in line with prices in Honolulu.
Homes were also moving briskly with only 22 days on market! If you haven’t gotten the picture here yet, it’s a Seller’s Market! We are actively looking for inventory. To learn more about how we can help Sellers with our Smart Marketing and Solid Representation, feel free to contact one of our great Realtors on Oahu.