Oahu Housing Sales Slow in November

 *Median price means half the prices were above and half below the given price.

**Condominiums also includes townhomes.

The sales of 288 single-family homes and 429 condominiums represent decreases of 13.3 percent and 14.4 percent, respectively, compared to November 2017. The median price paid for a single-family home increased by 3 percent to $797,000 and the median price for a condominium increased by 3.7 percent to $420,000. According to the Days on Market indicator, the median days for single-family homes was 28 and 22 days for condominiums. 

 “Sales in Oahu’s residential housing market continue to normalize, with the welcomed increase in inventory in the traditionally slower last quarter of the year,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “We’ve seen considerable inventory expansion this year with active listings of single-family homes up by more than 28 percent and condominiums up by 14 percent compared to the same time last year. However, more than half of the inventory of single-family homes was priced above $800,000 and nearly half of the condominium inventory was priced above $475,000, so more inventory in the lower price ranges is still needed. Though when you consider the overall conditions including more selection, continued low mortgage rates, and a stable economy, it’s a favorable time for buyers to purchase a home.”