The median sales price of a single-family home on Oahu rose by more than 7 percent in September to hit a record-shattering $730,000 on a 3.5 percent jump in sales, according to Multiple Listing Service data compiled by the Honolulu Board of Realtors.
September’s median price tops the previous record of $719,500 reached in November 2014 and is 6.7 percent higher than the $684,000 median price of a single-family home in November 2013.
“While single-family homes set a new record in September with a median price of $730,000, about 12 percent were sold below $500,000, demonstrating that there are options at all price points in the market – it just takes some looking,” Honolulu Board of Realtors President Jack Legal said in a prepared statement. “We are hopeful that the inventory of homes on the lower end of the spectrum will continue to grow to meet demand. In fact, the nearly 16 percent increase in condo sales over last year proves that more inventory is coming online for prospective homebuyers to consider.”
The $730,000 median sales price of a single-family home reached last month is 7.6 percent higher than the $678,500 price reached in September 2014. The number of single-family homes sold last month rose by 3.5 percent to 329, from the 318 sold during the same time last year.
Meanwhile, condominium unit sales were up 15.7 percent in September, with 480 sold, compared to the 415 that changed hands during the same time last year. The median sales price of those condominium units also increased by 5.5 percent to $366,000 last month, from $347,000 in September 2014.
Pacific Business News