August Oahu Condominium Sales Reach A Decade High
The number of condominiums sold on Oahu in August were at its highest in over a decade, according to resales figures released today by the Honolulu Board of REALTORS®.
In August 2017, the number of single-family houses sold increased by 5.2 percent compared to August 2016. The median price for single-family houses was $786,250, a 5.2 percent increase from the same period last year. The number of condominiums sold increased significantly in August 2017 to 575, up 19.5 percent from August 2016.
The median price for condominiums increased by 5.3 percent to $419,000. The Days on Market for single-family houses remained the same compared to the same period last year with sales closing at an average of 16 days. Sales of condos closed at 18 days on the market, a 20 percent increase from 15 days on market from August 2016.
The 575 closed sales for condominiums is the highest we have seen since 580 sold in August 2006. Although this August?s condo sales did not break the record-high of 831 set in August 2005, it is still the highest we have seen in eleven years. Condos and townhouses are becoming an attractive alternative for homebuyers due to the affordable price point. The 11.2 percent increase in condo inventory throughout Oahu provided consumers with more selection, as demonstrated by the nearly 30 percent increase in pending sales. ~ Honolulu Board of REALTORS® President
To learn more about Market Conditions in your neighborhood, call 808-738-3600 or contact one of our agents today.
Source: Honolulu Board of REALTORS®