Honolulu Single-Family Home and Condo Sales On the Rise
Oahu’s real estate market is off to a fast start in the Year of the Horse. The Honolulu Board of Realtors on Friday reported sales and prices were up for both single-family homes and condos last month compared to a year ago.
The median price for a single-family home on Oahu rose to $629,500 in January, up 5.8 percent from the same month last year. Condos edged up 1.6 percent to a median of $320,000.
Board President Julie Meier called January a “good month for the industry.” January’s median, however, is down from the record-tying high of $685,000 in December 2013. “There was a substantial drop in the single-family home median price from December 2013, but that’s not unusual and can be attributed to the seasonality of the market,” Meier said. There were 246 homes and 310 condo units that were sold in January, which is an 8.4 percent increase over last year.
Homebuyers are continuing to be aggressive, as Oahu homes stayed on the market for a median 22 days. Condos, meanwhile, are selling in just 21 days compared to 36 days a year ago. Several factors are contributing to the real estate upswing on Oahu, including historic low interest rates and low unemployment. The economy on Oahu, largely driven by tourism and construction, has strengthened since the Great Recession.
One segment seeing faster sales is the luxury home market. According to the board, homes priced between $1.1 million and $1.9 million were selling in 24 days, down from a median 44 days in January 2013. In the $1.9 million or higher category, homes stayed 48 days on market. That’s down sharply from the 84 days on market a year ago.