Home sales on Oahu began 2016 with sales increases in the double digits in January, as the median price for a single-family home reached a new all-time high of $733,500, according to statistics from the Honolulu Board of Realtors.
The number of single-family homes rose 10.5 percent to 232 homes sold from 210 sold in January 2015. The median price increased by 8.7 percent from $675,000 in January 2015 to reach a new single-month high, the board said. The previous record high median price was $730,000 in September.
“January was an extremely strong month for home resales on Oahu,” said Kalama Kim, president of the Honolulu Board of Realtors. “Both single-family and condominium sales were up by double digits over January 2015, an indication that demand for all forms of housing remains high.
Condominium sales soared last month, increasing 18.2 percent to 338 units sold, from 286 units sold in January 2015. The median condo price, however, declined by 1.8 percent to $374,500, from $381,500 last year.
“The primary drivers of rising housing prices are shortages of inventory and new development,” Kim said. “We’re seeing especially heavy activity in single-family homes priced in the $600,000 to $800,000 range, and condominiums in the $200,000 to $400,000 range.”
Median home prices on Oahu increased by less than 5 percent for all of 2015, to $700,000 for single-family homes, an increase of 4 percent, and to $360,000 for condos, an increase of 2.9 percent.
“More inventory in these ranges is needed to meet demand,” he said. “The Leeward area, Central Oahu plain, and Pearl City showed big gains in January 2016 and lead the market in home sales.”
Janis L. Magin
Pacific Business News