January 2018 Oahu Real Estate Market Update

OAHU HOUSING MARKET OFF TO A STRONG START IN 2018 Condominium Median Price Reaches New High HONOLULU (February 6, 2018) — Oahu’s housing market started off strong in 2018 with increases in both single-family home and condominium median prices in January according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board using data collected from its computerized Multiple Listing Service (MLS) system show the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
January 2018 252  +2.0% $772,000  +5.8%
January 2017 247 $730,000

Condominium Resales

Number of Sales Median Sales Price
January 2018 374  -1.1% $430,000  +13.2%
January 2017 378 $380,000

*Median price means half the prices were above and half below the given price.  **Condominiums also includes townhomes.

During January 2018, the median price paid for single-family homes increased by 5.8 percent from the same month last year to $772,000. The median price for condos increased by 13.2 percent to reach a new record of $430,000, which was previously set in July and September of 2017 at $425,000. The sales of single-family homes rose slightly by 2.0 percent, while condominiums sales decreased by 1.1 percent from January 2017. According to the Days on Market indicator, the median days for single-family homes was 21 and 19 days for condominiums.  This January 2018 Oahu Real Estate Market Update information was provided by the Honolulu Board of Realtors.

About the Author

Brandon Lau grew up in Kailua and currently resides in Honolulu with his wife Andee and children Caylah, Elijah, and David. His eighteen years in real estate led him to become a Partner at ChaneyBrooks Choice Advisors. Over the past 10 years he has developed the team and systems that has created a high level of service and value for his clients.

What differentiates Brandon and his team is his consultative approach to real estate. He advises clients with relevant data and expert insight to help them make the best choices in real estate. Good choices in planning for long term dispositions, negotiating for the best price or knowing when not to pursue an investment are ways his consultative services will give you an advantage in the marketplace. His bottom line is providing service with the utmost integrity and expertise.