Oahu Real Estate Market Update

Oahu Real Estate Market Update for April 2017

Oahu condominium sales outpaced single-family home sales in April, according to resales figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales

Number of Sales Median Sales Price
April 2017 280  (-7.0%) $712,500  (-1.0%)
April 2016 301 $720,000

Condominium Resales

Number of Sales Median Sales Price
April 2017 486  (+5.7%) $415,500  (+6.7%)
April 2016 460 $389,000

During April 2017, the number of single-family houses sold decreased by 7 percent and condominium sales rose by 5.7 percent from April 2016. The median price paid for single-family houses decreased by 1 percent to $712,500 from the same time period last year, while condos increased by 6.7 percent to $415,500. According to the Days on Market indicator, condominium sales closed at a faster pace compared to a year ago with condominiums on the market for 15 days, down from 19 days, while sales were slower for single-family houses with houses on the market for 18 days, up from 15.

“Potential homebuyers should not be discouraged with the median prices, as about 39 percent of single-family houses sold in April were in the $500,000 to $ 699,999 range and 44 percent of condominiums were between the$300,000-$499,999 range,” said Sue Ann Lee, president of the Honolulu Board of REALTORS®. “While we’re encouraged by the new listings coming onto the market, it is still not enough to keep up with the demand for housing at all price points.”