Prices for previously owned homes on Oahu sold last month didn’t budge much, according to data released today by the Honolulu Board of Realtors.
The trade association reported that there was a slight decrease in the median price for single-family houses — a 0.5 percent dip to $730,000 in January from $733,500 in the same month last year — while condominiums sold for a median $380,000 that represented a 1.5 percent gain from $374,500 in the same comparable period.
Sale volume was up for both parts of the market. There were 247 single-family house sales last month, up 6.5 percent from 232 sales a year earlier. The number of condo sales rose 11.8 percent to 378 last month from 338 a year earlier.
Sue Ann Lee, president of the Honolulu Board of Realtors, called the volume of sales “typical” for the beginning of the year and noted that there were dramatically more homes added to the inventory for sale last month.
Sellers listed 446 more single-family homes for sale in January compared with 228 added in December. Condo owners listed 641 additional units for sale in January, which was the most for any month since 661 condo listings were added to the market last March. In December, 402 condo listings were added to the market.
“The new inventory coming onto the market is helpful,” Lee said in a statement. “However, more options at all price points are still needed to keep up with the demand for housing.”