Oahu home prices drop in February after months of gains

Construction cranes are signs of economic prosperity in Honolulu.

The median price of a single-family home on Oahu fell in February to $648,000, while the median price of a condominium dropped 9 percent, after months of increasing prices, the Honolulu Board of Realtors said Saturday.

The median price of a condo on Oahu last month was $326,000, a 9.3 percent drop from $359,450 in February 2014. The median condo price had hit a new record of $381,500 in January after hitting another record in December.

Sales of condos were also sluggish in February, with 290 units sold, 2 percent fewer than the 296 units that were sold in February 2014.

Sales of single-family homes, however, rose 5.8 percent to 201 homes sold last month, compared to 190 homes sold in February 2014. The median price of $648,000 for a single-family home in February was 4.6 percent lower than the ,edian price of $679,000 in February 2014.

“February is traditionally one of the slowest months of the year for real estate sales,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement. “Of particular interest in this report is the growth of inventory over last year, especially the number of condos that have come onto the market.”

Legal noted that the condo inventory on Oahu grew by 14 percent when compared with February 2014, and the inventory of single-family homes grew 6.4 percent.

“With the increased inventory, as well as continued record low mortgage rates, we encourage potential homebuyers who have been on the fence to look at the various options now available,” he said.

Janis L. Magin Managing Editor – Pacific Business News