Oahu, Hawaii, house prices increase again in January 2016

The Oahu Real estate statistics  for the month of January 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:

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

January 2016 brings again housing price increases for Oahu

During January, the median price paid for single-family homes increased by 8.7% year over year to $733,500. The median price for condominiums decreased by 1.8% percent from last year to  $374,500. Sales of single-family homes increased by 10.5 percent, while condominium sales increased by 18.2% percent from January 2015. According to the Days on Market indicator, single-family homes were on the market for 30 days while condominiums were on the market for 30 days.

December 7 News Release: January 2016 Honolulu real estate statistics

“January was an extremely strong month for home resales on Oahu,” said Kalama Kim, 2016 president of the Honolulu Board of Realtors. “Both single-family and condominium sales were up by double digits over January 2015, an indication that demand for all forms of housing remains high. The primary drivers of rising housing prices are shortages of inventory and new development. We’re seeing especially heavy activity in single-family homes priced in the $600,000 to $800,000 range, and condominiums in the $200,000 to $400,000 range. More inventory in these ranges is needed to meet demand. The Leeward area, Central Oahu plain, and Pearl City showed big gains in January 2016 and lead the market in home sales.”

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