Oahu real estate statistics for November 2015

The Oahu Real estate statistics  for the month of November 2015 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 Island housing statistics are:

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

More price increases in Oahu real estate – November 2015

During November, the median price paid for single-family homes decreased .6% year over year to $715,500. The median price for condominiums increased by 1.3% percent from last year to  $347,500. Sales of single-family homes increased by 9.3 percent, while condominium sales decreased by 1.4% percent from November 2014. According to the Days on Market indicator, single-family homes were on the market for 21 days while condominiums were on the market for 22 days.

December 7 News Release: November 2015 Honolulu real estate statistics

“Oahu Home sales in November 2015 tracked closely with last year’s figures, which was a landmark month for the industry,” said Jack Legal, president of the Honolulu Board of REALTORS®. “In November 2014 the median price for single family homes set a then-record of $719,500. But what’s remarkable is that while the median price of single family homes in November 2015 dropped slightly compared to last year, the number of properties sold shot up nearly 10 percent. That figure, plus the median days on market statistic, clearly illustrates how strongly the demand remains for housing on Oahu. In November 2014, the median days on market figure for both single family homes and condominiums was 27. This year it was 21 and 22 days, respectively. We’re also seeing encouraging signs in the condo market in the spike in new listings in November 2015 to 504, compared to 417 last year. As inventory grows, so do the options for Oahu homebuyers. In November of this year, 219 of the 358 condos sold were under $400,000, meaning the bulk of the sales were in the vicinity of or below the median price. This is important in that it dispels the notion that only high-end luxury units are on the market.”

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