Oahu home sales, prices rise in July

Aug 7, 2013, 5:58am HST Updated: Aug 7, 2013, 7:27am HST
Duane Shimogawa  |  Reporter- Pacific Business News

The Oahu housing market remained positive in July, especially with it came to the number of sales for both single-family homes and condominiums, according to statistics released Wednesday by the Honolulu Board of Realtors.

The median price of a condominium on Oahu in July rose 8 percent year-over-year to $345,500, according to the Honolulu Board of Realtors.

There were 290 home sales last month, a 9 percent increase from 265 sales in July 2012. The median sale price of a home last month was $647,500, which was 2 percent higher than the median price of $635,000 during the same time period last year.

Condo sales soared 17 percent last month to 426 sales, compared to 364 sales in July 2012.

The median sales price of a condo in July was $345,500, an increase of 8 percent from $320,000 in July 2012.

“Realtors are reporting that properties are selling quickly, making it more important than ever for buyers to be prepared by being pre-qualified for a loan, so when they are ready to make a purchase — they can act fast,” Honolulu Board of Realtors President Kevin Miyama said in a statement. “With the median sales prices rising compared to this time last year, especially for condominiums, on-the-fence sellers should consider listing their properties now to take advantage of the shortage of inventory on the market.”

Single-family homes were on the market for an average of 17 days and condos for 20 days, according to the days on market indicator.

While the market remains hot, it wasn’t as active and prolific as in June, when the Oahu housing market hit a new high with the highest median sales price — $677,250 — for single-family homes in more than five years.