Hawaii Real Estate in 2016 by the Numbers: 3 Major Islands Have a Hot Year
Single-family home and condo sales surged on three of Hawaii’s major Islands in 2016, according to statistics from the Honolulu Board of Realtors, the Kauai Board of Realtors and Hawaii Island Realtors.
On Oahu, the median price for single-family homes in 2016 was $735,000, a 5 percent increase from $700,000 in 2015. The median sales price of single-family homes also hit a record high in 2016, reaching $760,000 in June.
Single-family home sales on Oahu totaled 3,678 in 2016, a 6.5 percent increase from 3,455 homes sold in 2015.
The median price of condos on Oahu jumped 8.3 percent in 2016 to $390,000, from $360,000 in 2015. Condo sales jumped 8.4 percent to 5,449 units sold in all of 2016, compared to 5,028 units in 2015.
On Kauai, there were 568 single-family home sales in 2016, a 16.2 percent jump from 2015, while the median sales price increased 2.2 percent to $625,500, from $612,000 in 2015.
The median sales price for condominiums on Kauai in 2016 surged 11.8 percent to $398,250, from $356,250 in 2015. There were 376 sales of condominiums, a 1 percent increase from 2015, when there were 372 units sold.
On the Big Island, there were 2,297 single-family homes sold last year, a 13.9 percent jump from last year. Sales of condos on the Big Island jumped 6.6 percent to 707 sales in 2016.
The median sales price for single-family homes on the Big Island in 2016 increased by 0.4 percent to $330,400. Condominiums experienced a 10.9 percent jump in the median sales price to $305,000 from $275,000 last year.