Oahu Single-Family Homes and Condominium Sales Dip in May

Sales for Oahu single-family homes and condominiums dropped while median prices rose modestly in May 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
May 2018 332  -8.3% $778,000  +4.4%
May 2017 362 $745,000

Condominium Resales

Number of Sales Median Sales Price
May 2018 495  -8.3% $430,000  +5.8%
May 2017 540 $406,500

During May 2018, the median sales price for single-family homes increased by 4.4 percent to $778,000 from May 2017. The median price for condos increased by 5.8 percent to $430,000. Sales of single-family homes and condominiums both decreased by 8.3 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 14 and 19 days for condominiums.

“The Oahu market experienced a very deep trough with sales in January and February and we continue to slowly trend upwards,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “Pending sales are also experiencing a slow climb and we’re anticipating sales to peak in late summer.”