Oahu condo prices hit another new record in January

Home prices on Oahu soared in January, a traditionally slow month for sales, as the median price of a condominium hit a record $381,500, according to statistics released Saturday by the Honolulu Board of Realtors.

The median Oahu condo price was 19.2 percent higher than the median price set in January 2014, which was $320,000, and was 5.6 percent higher than the previous record median price of $361,250, set in December.

The median price of a single-family home rose to $675,000, a 7.2 percent increase from $629,500 in January 2014.

Sales of single-family homes, however, fell 14.6 percent ot 210 homes sold in January, from 246 homes sold in January 2014. Sales of condos fell 7.7 percent to 286 units sold, from 310 units sold in January 2014.

“This is traditionally one of the slowest months of the year, so the sluggish sales of single-family homes and, to a lesser extent, condos, is not too surprising,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement. “However, what’s notable is the jump in median sales price, including a new record set for condominiums.

“This indicates demand for housing is still very high, and the one factor that is putting a damper on the market is, as usual, the lack of inventory, especially for single-family homes,” Legal said.

There were 1,077 active listings for single-family homes in January, a 7.1 percent decrease from 1,159 listings in January 2014. Condo listings totalled 1,630 in January, a 4.2 percent increase from 1,564 listings during the same month a year ago.

The months of inventory remaining for single-family homes — the time it would take to sell every home on the market — fell 7.1 percent in January to 2.6 months, from 2.8 months in January 2014. The inventory for condos, however, rose 3.4 percent to three months of inventory, from 2.9 months in January 2014.

Homes also spent more time on the market before selling in January. Single-family homes were on the market for a median of 26 days in January, compared to a median of 22 days in January 2014, an increase of 18.22 percent. The median days on market for condos rose 28.6 percent to 27 days, from 21 days a year ago.

Janis L. Magin Managing Editor – Pacific Business News