March 2018 Oahu Real Estate Market Update

March 2018 Oahu Real Estate Market Update— The median price paid for condominiums reached a new high in March 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 Resales

Number of Sales Median Sales Price
March 2018 305  -1.3% $760,000 +1.1%
March 2017 309 $752,000

Condominium Resales

Number of Sales Median Sales Price
March 2018 485 -2.0% $435,000  +8.8%
March 2017 495 $400,000

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

During March 2018, sales of single-family homes decreased slightly by 1.3 percent from March 2017, and condominium sales decreased by 2.0 percent. The median price paid for single family homes increased by 1.1 percent from the same month last year to $760,000. The median price for condominiums was $435,000, an increase of 8.8 percent. According to the Days on Market indicator, the median days for single-family homes was 14 and 16 days for condominiums.

“The March condominium figures were impacted by the resales of 20 luxury and multimillion dollar units. Consumers should remember that half of sales were below the median price,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “The increase in median prices, even modest ones like we saw in March, reflects the continued limited inventory available. However, it’s encouraging to see the 11 percent increase in active listings for condominiums, giving potential buyers more options in the market.”

This March 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.