Oahu condo sale prices hit record high in July 2017 – Real estate statistics

Oahu condo sale prices hit record high in July 2017.  The Honolulu (Oahu) Real Estate statistics show that prices for condominiums have reached an all time high on Oahu in July. This is shown in Oahu real estate statistics for the month of July 2017, which were 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 island housing supply and statistics are:

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

July 2017 Median condo sale prices hit record high for Oahu

During July, the median price paid for single-family homes increased by .5% year over year to $750,000. The median price for condominiums increased by 6.3% percent from last year to  $425,000. Sales of single-family homes increased by 4 percent year over year, while condominium sales increased by 7 percent from July 2016. According to the Days on Market indicator, single-family homes and condos were both on the market for 20 and 14 days, respectively.

August 7 News Release: July 2017 Honolulu real estate statistics

“Median sales prices for condominiums are the highest we’ve seen as prices have continued to soar,” said Sue Ann Lee, president of Honolulu Board of Realtors. “The new record-high for median sales prices for Oahu condos was set in April of this year at $415,500 and then replaced by the new median sales price of $425,000 set last month. Condos and townhouses at midrange price points are a likely alternative when there is a lack of affordable single-family home inventory, causing the median sales price to shift up. In July, the spike in median days on market for single family homes to 20 was skewed by 23 homes closing after more than 200 days on market.”