Oahu Real Estate Market Update

Oahu Real Estate Market Update for December 2017

Single-family home sales up, condos down in December

Oahu single-family home sales were up, while condominium sales decreased in December 2017 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
December 2017 361  +5.9% $750,000  +2.7%
December 2016 341 $730,000

Condominium Resales

Number of Sales Median Sales Price
December 2017 461  -12.2% $405,000  +3.8%
December 2016 525 $390,000

During December 2017, sales of single-family homes rose by 5.9 percent, while condominiums sales decreased by 12.2 percent from December 2016. The median price paid for single-family homes in December 2017 increased by 2.7 percent from the same month last year to $750,000, while the median price for condos increased by 3.8 percent to $405,000. According to the Days on Market indicator, the median days for both single-family homes was 20 and 18 days for condominiums.

The housing market set several new records during 2017. Three records were set in June when the median price of single-family homes hit a high of $795,000 while also selling at a brisk 12 days on market for single-family homes and 13 days for condos. In July, the median price for condos reached $425,000 for the first time, which was repeated in September.

“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” said Sue Ann Lee, Honolulu Board of REALTORS® 2017 President. “In terms of inventory, it’s encouraging to see more condominium and townhome units being actively listed. While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”