Oahu home prices dip below March record

The average price of a single-­family home resold on Oahu last month dipped below March’s record $1 million as the number of new listings increased from a year earlier, according to a report released Sunday by the Honolulu Board of Realtors.

The condominium market on Oahu followed a similar trend as the median price of units resold last month dipped below March’s record while the number of new listings increased compared with April 2017.

HBR says the new listings and sales numbers reported by its members indicate an increase in the inventory of both single-family homes and condominiums, but not enough to keep up with demand for housing at all price points. The HBR report does not include sales of new homes and condominiums by developers.

The average price of a single-­family home sold on Oahu last month was $979,727, which, according to the HBR report, is 11.6 percent higher than the April 2017 average.

The median price, however, was $790,000. The median is the price at which half the homes sold below and half above. The higher average price means more homes sold below the median than above.

The 289 homes sold last month is nine more than the number sold in April 2017.

The median price of a condominium sold on Oahu last month was $416,000, or 0.1 percent higher than April 2017 but less than March’s record $435,000. HBR also reports that there were 547 condominiums sold on Oahu last month compared with 486 a year earlier. Last month’s average price was $521,405.

The HBR report says there were 506 new listings of single-family homes last month compared with 447 in April 2017, and 748 new condominium listings in April compared with 672 a year earlier.

HBR President Darryl Macha said it appears that sellers are beginning to list properties in anticipation of the traditionally busy summer season.