Oahu home sales soar in January as median price sets new record

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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
Managing Editor
Pacific Business News

Oahu single-family home price shatters record in September

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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.

Darin Moriki
Reporter
Pacific Business News

Condominium prices on Oahu hit new record in December

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decThe median price of a condominium on Oahu reached a record $361,250 in December, a 9.5 percent increase from the same month a year ago, according to figures released Tuesday by the Honolulu Board of Realtors.

The December median price for condos tops a previous record set in June, when the median price of a condominium hit $360,000.The median price of a condo in December 2013 was $330,000.

The median price of a single-family home on Oahu in December rose just 0.7 percent to $690,000, from $685,000 in December 2013. In November, the median price of a single-family home set a new record of $719,500.

Sales of single-family homes remained flat in December at 284 sales, compared to 283 home sales in December 2013.

Sales of condos were flat, with 290 units sold in both December 2014 and December 2013.

“This month’s sales figures basically stuck to historical norms except for one aspect,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement, referring to the record median price for condos. “One positive is that the inventory of condos was up in December as compared to the previous year.”

Bill Cresenzo Reporter – Pacific Business News

Oahu home, condo prices rise 8% in October

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Homes in Hawaii Loa Ridge are seen in this file photo. The number of sales of single-family homes rose 2.8 percent in October, according to the Honolulu Board of Realtors.

Homes in Hawaii Loa Ridge are seen in this file photo. The number of sales of single-family homes rose 2.8 percent in October, according to the Honolulu Board of Realtors.

The median price of a single-family home on Oahu rose 7.8 percent in October on a modest gain in sales, while condominium prices rose 8.5 percent, according to figures released Friday by the Honolulu Board of Realtors.

The median price of a single-family home on Oahu last month was $690,000, compared to $640,000 in October 2013, while the number of sales rose 2.8 percent to 298 homes sold from 290 homes sold during the same month last year.

The median price of an Oahu condominium in October was $352,750, compared to $325,000 in October 2013. Sales of condos rose 6.9 percent last month to 448 units sold from 419 units sold in October 2013.

The median price of both single-family homes and condominiums hit a record in June, when the median prices hit $700,000 and $363,000, respectively.

Bill Cresenzo Reporter – Pacific Business News

Oahu Real Estate Market Update – January 2013 – SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY

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FOR IMMEDIATE RELEASE
February 7, 2013MEDIA CONTACT:
Caroline Witherspoon
Becker Communications, Inc.
(808) 533-4165

SALES OF SINGLE-FAMILY HOMES AND CONDOMINIUMS INCREASE IN JANUARY, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of January. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
January 2013227$595,000
January 2012175+29.7%$618,900-3.9%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
January 2013
286$315,000
January 2012270+5.9%$305,000+3.3%

*Median price means half the prices were above and half below the given price.

Download January 2013 Press Release
Download January_Local Market Update_2013
Download January_Market Historical Stats_2013

During January, sales of single-family homes and condominiums increased by 29.7 percent and by 5.9 percent, respectively, from January 2012. The median price paid in January was $595,000 for singlefamily homes and $315,000 for condominiums, a decrease of 3.9 percent and an increase of 3.3 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 23 days and condominiums listing for 36 days.

“Overall, January’s numbers are good with sales of single-family homes and condominiums continuing to be strong,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “The median sales price for single-family homes dropped due to the higher volume of sales this year over last in the lower price ranges. This means there were fewer high priced homes sold compared to the mid- and low-priced, which bumped the median price down, due to the high number of first time homebuyers getting into the market. There is a lot of activity in the market and we’re optimistic low interest rates and reasonable prices will continue to fuel the positive trend we’ve been seeing these past few months.”

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,300 members, one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

December 2012 Residential Resales Statistics – During December, sales of single-family homes and condominiums increased by 8.6 percent and by 20.4 percent, respectively, from December 2011

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MSRCover_2007.inddDuring December, sales of single-family homes and condominiums increased by 8.6 percent and by 20.4 percent, respectively, from December 2011. The median price paid for island properties in December was $605,000 for single-family homes and $335,000 for condominiums, a decrease of 0.8 percent and increase of 17.5 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 30 days and condominiums listing for 26 days.

“December was another great month for the local real estate market, with the number of closed sales and the median sales price for condominiums experiencing double-digit growth,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “While the median sales price for single-family homes was relatively flat, the number of overall sales increased in what is typically a slower time in the real estate market. All of these are great indicators of our continued recovery.”

Download December Press Release

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The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both.
HiCentral.com provides useful information about buying and selling real estate in Hawaii.
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,300 members, one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.
(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

July 2012 Residential Resales Statistics – The median price paid for island properties in July was $635,000 for single-family homes and $320,000 for condominiums, increases of 5.6 percent and 21.3 percent

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NewMSRFormatHONOLULU HOUSING MARKET EXPERIENCES HUGE JUMP IN JULY ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of July. According to the analysis conducted by the Board, using data collected from its computerized

Multiple Listing Service (MLS) system, the statistics are:

During July, sales of 265 single-family homes and 364 condominiums increased 5.6 percent and 21.3 percent, respectively, from July 2011. The median price paid for island properties in July was $635,000 for single-family homes and $320,000 for condominiums, increases of 5.6 percent and 21.3 percent, compared to the same month last year. According to the Days on Market indicator, sales for both single family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 25 days and condominiums listing for just 29 days.

“July was an exceptional month for the Honolulu housing market. We saw numbers rise for both single family homes and condominiums. Condominium sales have been steady over the last few months, but in July we saw a huge leap,” said Joe Paikai, president of the Honolulu Board of REALTORS®. “Heading into the fall, the numbers are looking great—from major increases in pending sales for both single-family homes and condominiums to a decrease in the median days on market.”

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both.

HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,600 members, one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

MARK HOWARD    RB-20384
Owner/Broker/Founder
Hawaiian Americana Realty, Inc.
(808) 791-2923 |  [email protected]

www.ShopOahuRealEstate.com
www.ShopMauiRealEstate.com

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