Upsurge in Oahu home sales in March 2016 statistics

Upsurge in homes in March 2016. The Oahu real estate statistics for the month of March 2016 are released today. According to the analysis by the Honolulu real estate board, using data collected from its computerized Multiple Listing Service (MLS) system, the Oahu Hawaii island housing statistics are:

Oahu (Hawaii) Single-Family Home Re-sales
	Number of Oahu home Sales	This Month Compared To	*Median Oahu home sales price**	This Month Compared To
Mar 2016	297		$725,000
Mar 2015	244	+21.7%	$700,000	+3.6%

Oahu Condominium Re-sales
	Number of Oahu condo Sales	This Month Compared To	Median* Oahu Sales Price	This Month Compared To
Mar 2016	491		$385,000
Mar 2015	403	+21.8%	$380,000	+1.3%

*Median price means half the prices were above and half below the given price.

March 2016 brings again housing price increases for Oahu

During March, the median price paid for single-family homes increased by 3.6% year over year to $725,000. The median price for condominiums increased by 1.3% percent from last year to $385,000. Sales of single-family homes increased by 21.7 percent, while condominium sales increased by 21.8 percent from March 2015. According to the Days on Market indicator, single-family homes were on the market for 18 days while condominiums were on the market for 19 days.

April 7 News Release: March 2016 Honolulu real estate statistics

“There’s been no letup in demand for housing on Oahu, as March’s statistics clearly demonstrate,” said Kalama Kim, 2016 president of the Honolulu Board of Realtors. “Sales of single-family homes and condos showed huge growth compared to the same month in 2015, and the days on market for both types of housing were very low, indicating high demand and quick sales. As a result, we’re seeing housing inventory shrinking fast, with the current number of single-family homes at 844, a level not seen since April of 2005. The historical low is 784, recorded in April 2004. It appears housing inventory for single-family homes is approaching critical levels. That said, homebuyers should keep in mind that there are still homes available at different price points. For instance, 135 single-family homes sold for under $700,000. More than half of the condos sold were for $400,000 or less. Still, the lack of inventory is a reminder of the need for more housing to meet the continued strong demand.”

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