Oahu Home Prices On the Rise in May

Market Trends

Statistics for real estate sales on Oahu for the month of May 2018 are in!

According to the Honolulu Board of Realtors and based on data from the Multiple Listing Service, the median price of a single-family home in May was $778,000.  That was an increase of 4.4 percent from $745,000 during the same month last year. There were a total of 332 sales, a decline of 8.3 percent from 362 sales in May 2017, according to the Board.

Two of the highest priced homes sales in years closed this past May;  a $17 million dollar estate on Royal Place in Kahala and a beachfront compound on Kalaheo Avenue in Kailua that sold for $18.8 million. Both sellers were represented by Coldwell Banker Pacific Properties, the leader in sales of luxury properties on the island.

For condominium sales, the Honolulu Board of Realtors reported 495 sales, an 8.3 percent decline from 540 sales in May of last year. The median price for condos was $430,000, an increase of 5.8 percent from $406,500 last year, according to the Board.

It's important to remember that one month does not make a trend, but when we look at the overall sales for 2018 the market has been trending upwards. As we enter the traditionally busy summer season, it appears that the market is still going strong in spite of low inventory and increasing interest rates.

If you are thinking of buying or selling, or if you just want additional information on the market please give me a call. I love empowering my clients with the knowledge they need to make the right decisions!