Oahu housing market continues its hot pace as single-family home and condo prices rise in March

Oahu housing market continues its hot pace as single-family home and condo prices rise in March
Bill Cresenzo Reporter – Pacific Business News

Oahu’s housing market continued on a hot pace in March, with both sales volume and prices of single-family homes up over a year ago.

Condominium prices climbed year over year, but sales volume dropped off.

The median price of a single-family home on Oahu rose to $657,000 in March, an increase of 2.7 percent from $640,000 in March 2013, according to figures released Monday by the Honolulu Board of Realtors.

The number of sales rose 6.5 percent to 246 in March from 231 in March 2013.

The median price of a condominium rose 2.9 percent in March to $350,000 from $340,000 in March 2013, but the number of sales declined 5.8 percent to 387 from 411.

“The Hawaii housing market is showing a great deal of resilience,” Julie Meier, president of the Honolulu Board of Realtors, said in a statement.

She noted that single-family homes, on average, were on the market for only 17 days, compared to 22 days a year earlier. Condos were on the market an average of 25 days.

The March numbers are consistent with findings by the University of Hawaii Economic Research Organization, which predicts that the median price for a single-family home on Oahu will hit $700,000 later this year and reach $774,000 by 2015.