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Oahu Condominium Median Price Reaches New High, Sales Dip in March

Oahu Condominium Median Price Reaches New High, Sales Dip in March

March 30, 2018 2:19 pm

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 Home 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

During March 2018, the median sales price for single-family homes increased by 1.1 percent from March 2017. The median price for condos increased by 8.8 percent to reach a new record of $435,000, which was previously set in January 2018 at $430,000. Sales of single-family homes and condominiums decreased slightly by 1.3 percent and two percent, respectively, from the same month last year. 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.”

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I just wanted to pass along high praise and appreciation for your Realtor, Eric Olson. He helped me to sell a condo last year and just closed on a house that my family and I are thrilled about! Eric was friendly, knowledgeable, and accessible throughout the process and a pleasure to work with. Good all around experience with Eric and Carvill Sotheby’s.

- Honolulu Home Seller

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“Patty Bell is the best realtor we’ve ever dealt with…..calm, professional, gets things done with ease…..even when it takes overcoming obstacles. We have used Patty for 3 transactions over the years, and she is consistently outstanding!”

- Kailua Home Seller

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“Scott, our faith in your performance has easily been confirmed by your results. Thank you to each person involved. I have been in the Homebuilding Industry for 12+ years and, honestly, never seen the speed and quality of the results you have provided for us.”

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“It’s been a pleasure working with Kelly and Scott, who are experienced, professional, honest, and at the same time, friendly. I have worked with a number of realtors on different transactions, in different cities, and I find them outstanding.”
- Kailua Home Seller

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“I wish to commend Nancy Young-Vieira on the manner in which she handled the recent sale of our Wahiawa home. We were impressed by her attention to detail and her knowledge of the market during these present times. She is professional in every way and walked us through every step of the process. Thank you for having such a well seasoned and pleasant agent as Nancy.”

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John Schamber recently acted as our agent to market and sell our architecturally signficant home in Honolulu. John was great during the sales process-the utmost professional, granular, and balanced. We soon had three offers on the property and he navigated the transaction to a smooth closing. We wholeheartedly recommend John as an agent.

- Honolulu Home Seller

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“This is our 4th transaction with Ann…and in each one she was the quintessential professional with extraordinary integrity and skills.  Ann sets a high standard in her field.  It is a pleasure and privilege to work with her.  We appreciate being challenged and being heard…a balance Ann handle’s oh so well.”

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“

There are so many nuances to buying a home and it was great having Mike to answer all my questions throughout the journey. We will definitely be working with him again. In fact, I will occasionally shoot him an email about areas I am interested for the future of my family. Mike has been happy to educate me on areas of interest and discuss a buying strategy. All in all I would happily recommend Mike Dilks.

- Oahu Home Buyer

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