New Record Home Price For The Oahu Market

Real Estate

The median price for single-family homes on Oahu reached an all- time high in August, according statistics compiled by the Honolulu Board of REALTORS®. 

In August, the median price for single-family homes was $810,000. The previous high of $795,000 was set last summer in June 2017. The median price for condominiums rose from $419,000 this time last year to the current median price of $427,000 . The number of sales for single-family homes dipped by 2.2 percent and condominium sales decreased by 9.4 percent from the same month last year. The median Days on Market was 15 days for single-family homes (down from last year) and 18 days for condominiums (flat).

According to said Darryl Macha, president of the Honolulu Board of REALTORS®, "While the median price for single-family homes has been pushed to a new high, homebuyers are also finding properties at or below the $600,000 price range,” “Though overall inventory is tight, we are seeing pockets of the island where inventory is increasing, including the Ewa Plain and to some extent, Central Oahu. With the decline in pending sales for both single-family homes and condominiums, buyers may be experiencing a bit of ‘fatigue’ in a market where multiple offers have been common and are taking a pause in their home search. It’s something that other markets are also seeing.”

If you are thinking of buying or selling, or if you are just interested in learning more about what is going on in the local real estate market, give me a call! I would love to provide you more information to help you reach your real estate goals!