During November, sales of single-family homes decreased by 24 percent, while condominium sales decreased by 10.8 percent from November 2013. The median price paid for single-family homes in November increased by 5.2 percent from the same month last year to $719,500. The median price for condominiums increased by 3.9 percent from November 2013 to $343,000. According to the Days on Market indicator, both single-family homes and condominiums were on the market for an average of 27 days.
“While the median price for a single-family home reached another record high this year, there were mitigating factors that caused it to hit $719,500,” said Julie Meier, president of the Honolulu Board of REALTORS®. “Unfortunately, the inventory of homes selling for $550,000 or less has dwindled drastically. For example, 171 of the 225 properties sold in November were priced above $550,000, and 56 of those went for $1 million or more. As a result of the large number of relatively high-end sales, the median price rose.
“The demand for homes continues to outpace current inventory levels,” added Meier. “Simply put, there aren’t as many properties at the moderate end of the spectrum for potential homeowners to consider at the moment. However, the condominium market remains within reach of first-time homebuyers, and the median price for a condo in Honolulu reflects that. We’re encouraged that developers have been mindful of this as they move forward with new projects, especially in Honolulu’s urban core. As we’ve said in the past, Oahu needs new inventory of homes and condos at all price levels to meet demand.”