Our December 2017 Oahu Real Estate Market Update shows Oahu single-family home sales were up, while condominium sales decreased according to resales figures provided by the Honolulu Board of REALTORS®. Although there was a decline year over year in condominium sales this is due to the higher than normal 24% increase in December 2016 when compared this this past December. The following statistics are provided by the MLS (multiple listing service)
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2017 | 361 +5.9% | $750,000 +2.7% |
| December 2016 | 341 | $730,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| December 2017 | 461 -12.2% | $405,000 +3.8% |
| December 2016 | 525 | $390,000 |
During December 2017, sales of single-family homes rose by 5.9 percent, while condominiums sales decreased by 12.2 percent from December 2016. The median price paid for single-family homes in December 2017 increased by 2.7 percent from the same month last year to $750,000, while the median price for condos increased by 3.8 percent to $405,000. According to the Days on Market indicator, the median days for both single-family homes was 20 and 18 days for condominiums.
The housing market set several new records during 2017. Three records were set in June when the median price of single-family homes hit a high of $795,000 while also selling at a brisk 12 days on market for single-family homes and 13 days for condos. In July, the median price for condos reached $425,000 for the first time, which was repeated in September.
