Median prices for single-family homes and condos reach new all time high
After a relatively quiet start of summer, sales of single-family homes on Oahu jumped by double digits according to resales figures released by the Honolulu Board of REALTORS®.
During July 2019, single-family home sales increased by 12.7 percent and condominium sales ticked up by 2.2 percent from the same month last year. Median prices also increased moderately, setting new records. The median price for single-family homes increased by 5.8 percent to $835,000, passing the previous record set in September 2018 at $812,500. The condominium median price also set a new record at $461,500, an increase of 7.5 percent from July 2018 and topping the $435,000 high of March 2018.
While new listings in July 2019 were up modestly for both single-family homes and condominiums by 0.2 percent and 4.9 percent, respectively, overall active listings showed gains of 17.3 percent for single-family homes and 16.9 percent for condominiums. According to the Days on Market indicator, the median days for single-family homes was 17 and 26 for condominiums.
“This level of year-over-year sales increases was last seen in 2017,” said the President of the Honolulu Board of REALTORS®. “The rise in sales numbers demonstrates robust contract signings over the last few months as buyers actively worked with their REALTORS® to close on offers. Lower mortgage interest rates may have enabled buyers to consider a slightly wider price range. A large portion of the year-over-year increases occurred at above-median price points. This July, there were 80 single-family homes that sold in the $900,000 to $1,199,999 price range, compared to 51 last year. For condominiums and townhouses in the $500,000 to $699,999 price range, there were 149 sold this July compared to 106 last year.”
Source: Honolulu Board of REALTORS®
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