Oahu Single-Family Homes Sales Show Strength Once Again In October

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HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of October 2016.

During October 2016, sales of single-family homes rose by 7 percent compared to October 2015, while condominium sales decreased by 5.7 percent compared to October 2015. The median price paid for single-family homes in October 2016 increased by 3.1 percent from the same month last year to $742,000. The median price for condominiums increased by 7 percent from October 2015 to $396,000. According to the Days on Market indicator, the median days on market for single-family homes and condominiums was 19 and 20, respectively.

“Despite heading into what traditionally is a slower time for sales, demand for single-family homes was robust.” said Kalama Kim, 2016 Honolulu Board of REALTORS® President. “This could be an indication that buyers are trying to find a home to purchase before mortgage interest rates rise. Condos did not do quite as well as far as the number of sales is concerned, but the seven percent spike in median price also is an indication that demand for the units that are available was strong. We are encouraged that there was a sharp rise in new condo listings in October, as more inventory is still needed to satisfy the demand for housing.”

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

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John Stallings