The median sales price for single-family houses on Oahu climbed in February to the second-highest level ever at $755,000, according to data released today by the Honolulu Board of Realtors.
Last month’s median was up 7.9 percent from $700,000 in the year-earlier period and just missed reaching the record high of $760,000 hit in June 2016.
Shrinking inventory is pushing up prices as the number of sales declined last month 7.9 percent to 221 from 240 in February 2016. There were 1,012 active listings in February, down 9.5 percent from 1,118 a year ago.
“The volume of single-family houses coming onto the market is not keeping pace with the demand,” Sue Ann Lee, president of the Honolulu Board of Realtors, said in a statement. “With limited inventory, it is no surprise that home prices are soaring.”
There were 2.3 months of inventory for single-family houses last month, meaning that is how long it would take the current supply of previously owned houses to be sold if no more came on the market. In February 2016, there were 2.7 months of inventory.
Condos’ median sales price edged up 1.7 percent last month to $385,000 from $378,444 in February 2016. Sales jumped 11.7 percent to 362 from 324. The record median sales price for condos was $405,500 in June 2016.
“The double-digit increase in condominium and townhome sales reflects buyers’ needs for an affordable alternative to single-family houses,” Lee said.
The median price means half the prices were above and half below the given price.